Travellers must declare money exceeding $20,000 from September
Published on Aug 26, 2014 9:12 PM
SINGAPORE - From Sept 1, foreign visitors and Singapore residents will be required to make a declaration if the money they carry in or out of the country exceeds S$20,000.
Travellers carrying such amounts who are entering Singapore must fill out a CBNI (physical currency or bearer negotiable instruments) Report form and submit it to any immigration officer at the Customs Red Channel. Those leaving the country can submit the form to the immigration officer at the Immigration Counter.
Police said on Tuesday that the declarable value of CBNI from $30,000 to $20,000 has been reduced not as a currency control measure, but as part of Singapore's overall efforts to combat transnational crime.
Authorities hope to detect and monitor cross-border cash movements and take enforcement action against cash couriers who support terrorism financing or money laundering activities.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here