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.
The amount includes both Singapore and foreign physical currency, travellers' cheques, bills of exchange, cheques and promissory notes.
The move is in line with recommendations made by the international Financial Action Task Force, of which Singapore is a member.
It will allow authorities to keep a closer watch over large volumes of CNBI movements.
Anyone who fails to give a full and accurate report is liable to a fine of up to $50,000 and/or jail for up to three years.