Must Declare Money To Authorities If Amount Is S$20,000 or More When Entering or Leaving Singapore

SINGAPORE: From Sep 1, those carrying large amounts of money in and out of Singapore must declare this to authorities if it is S$20,000 or more. The current threshold is S$30,000.

Travellers coming in and out of Singapore with that amount of money – whether in Sing dollars or foreign currency – must fill in a form and submit it to any immigration officer at the Customs Red Channel or immigration counter.

The rule applies to cash or bearer negotiable instruments such as traveller’s cheques. A statement from the Singapore Police Force (SPF) on Tuesday (Aug 26) said the amount is in line with the recommendations made by the Financial Action Task Force, of which Singapore is a member of.

“Criminals and terrorism financiers around the world have been known to use cash couriers to move physical funds across borders either to finance their illicit activities or to launder their ill-gotten gains. As an active and integrated member of the global economy, Singapore could also be susceptible to such illegal activities,” the SPF stated.

Cross-border cash movement reporting thresholds in the United States, Australia and New Zealand are $10,000 in their respective currencies.

Source: http://www.channelnewsasia.com/news/singapore/leaving-or-entering/1331684.html