DEPARTMENT OF FOREIGN AFFAIRS 
P R E S S  R E L E A S E

www.dfa.gov.ph                                                       2330Roxas Blvd., Pasay City, Philippines                                          Tel. No. 834-4000
 
SFA-AGR-839-07                                                                                                                                     15 Nov 2007


SINGAPORE 'S NEW LAW ON THE DISCLOSURE OF INFORMATION ON MOVEMENTS OF
PHYSICAL CURRENCY AND BEARER NEGOTIABLE INSTRUMENTS IN AND OUT OF SINGAPORE

 

15 November 2007 – Philippine Ambassador to Singapore Belen Anota reported to the Department of Foreign Affairs that Singapore instituted a new law on 01 November 2007 requiring any person who moves into and out of Singapore bearing physical currency and bearer negotiable instruments (CBNI) amounting to more than SGD30,000 or its equivalent in a foreign currency, to submit a report of the transaction to the concerned Singaporean authorities.

 

Examples of bearer negotiable instruments include bills of exchange, cheques, promissory notes, bearer bonds, traveler's cheques, and money orders or postal orders.  

 

The forms can be obtained at major immigration checkpoints, visitor centers in Singapore, commercial transport operators, or downloaded from the Singapore Police Force website at www.spf.gov.sg and www.cad.gov.sg

 

Travelers entering into or departing from Singapore carrying CBNI in excess of SGD30,000 or its equivalent in a foreign currency, are advised to accomplish and submit the form to the immigration officer at the immigration checkpoint.  

 

For senders, carriers or recipients, the form must be submitted to the Suspicious Transaction Reporting Office (STRO) no later than one business day (or if the report is to be sent by post, no later than two business days) prior to the moving of the cash or, if it is not reasonably practicable to do so, at the first opportunity thereafter prior to the movement of the CBNI.

 

Any person who receives cash exceeding the prescribed amount from outside Singapore is required to submit the report to the STRO within five business days upon receipt.

 

The penalty for failure to disclose a full and accurate report is a fine not exceeding SGD50,000, or an imprisonment term not exceeding 3 years, or both. The CBNI may also be seized if the person fails to give the report.

 

This initiative is part of Singapore's overall efforts to combat money laundering, terrorism financing, and other transnational crime.   It is not a currency control measure. There are no restrictions to the type or amount of CBNI which may be moved into or out of Singapore nor does it seek to restrict legitimate cross border trade payments for goods and services, or the freedom of capital movements.   END

 

/Gary

 

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