In a bid to strengthen its anti-money laundering efforts, Singapore will require all travellers entering or departing the country with more than S$20, 000 in cash or equivalent currencies to declare them electronically or online from 13 May.
Source: Muiduzzaman Mahim via Google Maps
This will be a change from the current procedure, which requires a hardcopy form.
From 13 May, travellers will experience easier submission of the Physical Currency and Bearer Negotiable Instruments (CBNI) declaration.
Previously done manually via hardcopy, CBNI declarations will soon be done electronically, announced the Singapore Police Force (SPF) in a press release on Friday (19 April).
The hardcopy form of the declaration will be discontinued from 13 May.
Travellers can submit their CBNI declarations up to three days before arrival in or departure from Singapore, providing flexibility and convenience.
They can access the electronic submission function via the MyICA mobile application or ICA’s website.
Source: Frontline by HomeTeamNS
Upon successful submission, travellers will receive an acknowledgement email which serves as proof of declaration when required at checkpoints.
The electronic declaration will be available for use from 10 May for those flying in or out of Singapore on 13 May.
The CBNI declaration plays a crucial role in Singapore’s fight against criminal activities like money laundering.
Declaration of cash in hand — and its equivalents such as traveller’s cheques, bearer bonds, promissory notes, and bills of exchange (also known as Bearer Negotiable Instruments) — ensures that cash flowing in and out of the country is accounted for.
Several countries have implemented this measure to combat potential financial crimes.
Travellers must provide details such as their personal information, the origin and destination of the CBNI, and its purpose.
Those who are entering Singapore will need to submit their Singapore Arrival Card before undertaking the CBNI declaration.
Any mistakes in the declaration require voiding and resubmission. Moreover, changes in travel plans necessitate updating the declaration accordingly.
Failing to submit a full and accurate report could lead to a fine of up to S$50,000, imprisonment of up to 3 years, or both. Additionally, the CBNI may be confiscated upon conviction.
Also read: M’sia Woman Brings More Than S$20K Of Undeclared Currencies Into S’pore, Referred To Police
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Featured image adapted from Matt Seymour on Unsplash.
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