When travelling in or out of Singapore, one should always remember to make a declaration if they are carrying cash exceeding S$20,000 in value.
However, one Malaysian woman failed to do this when she was caught bringing over S$20,000 of undeclared currencies into Singapore.
The Immigration and Checkpoints Authority (ICA) posted about this case on their Facebook page on Saturday (13 May).
It also explained that the requirement is “part of the efforts to combat international money laundering and terrorism financing”.
According to the post, the incident happened on 25 Apr.
ICA officers at Woodlands Checkpoint had found a significant sum of undeclared currencies on a Malaysian woman entering Singapore by car.
The officers had singled out the Malaysia-registered vehicle for a thorough check.
Through that, they uncovered multiple stacks of currencies wrapped in a pink plastic bag in the car’s centre console.
Source: Immigration & Checkpoints Authority on Facebook
The undeclared cash amounted to more than S$20,000, wrote the ICA.
Images accompanying the post show the money in question.
The pictures show five thick stacks of cash in denominations of S$50 and S$100 notes.
Source: Immigration & Checkpoints Authority on Facebook
The ICA has referred this case to the police to investigate in further detail.
While there is no restriction to the type or amount of Physical Currency and Bearer Negotiable Instruments (CBNI) one can bring in or take out of Singapore, ICA reminded travellers that they are required to submit a full and accurate report to the Singapore Police Force if the value exceeds S$20,000, or its equivalent in a foreign currency.
This is a way of combating international money laundering and terrorism financing, ICA elaborated.
According to ICA’s website, ‘physical currency’ refers to coins and printed money, while ‘bearer negotiable instruments’ include the following:
Failure to report such large amounts of currencies is an offence.
If convicted, one may face a fine of up to S$50,000 or up to three years’ jail or both. The monies may also be seized and confiscated upon conviction.
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Featured image adapted from Immigration & Checkpoints Authority on Facebook.
The authorities have investigated and closed the incident with no follow-ups required, MFA said.
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