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     FrontPage Edition: Tue 30 October 2007

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Travellers to declare currency or bearer negotiable instruments over S$30,000

Source: www.spf.gov.sg

New Measure to Combat Terrorism Financing and Money Laundering

From 1 November 2007 onwards, persons who move into or out of Singapore physical currency1 or bearer negotiable instruments2 (CBNI) the total value of which exceeds SGD 30,000 (or its equivalent in a foreign currency) will be required to give a report by filling up a form and submitting it to the authorities.
The form is available at all checkpoints, police establishments, Singapore Visitors Centres and branches of Singapore Post.
Travellers entering Singapore who are carrying CBNI the total value of which exceeds SGD 30,000 (or its equivalent in a foreign currency) are required to fill up the CBNI Report (Traveller) form and submit it to any Immigration Officer at the Customs Red Channel.
Travellers departing from Singapore who are required to give a report can complete the CBNI Report (Traveller) form and submit it to the Immigration Officer at the Immigration Counter.
Persons who move into or out of Singapore through cargo, post or other means, or receive from outside Singapore, CBNI the total value of which exceeds SGD 30,000 (or its equivalent in a foreign currency) will be required to complete the CBNI Report (Sender, Carrier or Recipient) form and submit it to the Suspicious Transaction Reporting Office (STRO) of the Commercial Affairs Department (CAD), Singapore Police Force.3
If you move CBNI into or out of Singapore, the report shall be given to the STRO no later than one business day (or, if the report is to be sent by post, no later than 2 business days) prior to the moving of the CBNI or if it is not reasonably practicable to do so, you should give the report to the STRO at the first opportunity thereafter but before the CBNI is moved.
Persons who receive CBNI from outside Singapore will be required to submit the report to STRO within five business days upon receipt. A business day is defined as a day other than Saturday, Sunday or public holiday.
This measure is intended to detect and monitor the movements of CBNI by cash couriers supporting terrorism financing or money laundering activities, and is in line with the recommendations made by the Financial Action Task Force (FATF4). It is not a currency control measure. There are no restrictions on the type or amount of CBNI which may be moved into or out of Singapore.
Failure to give a full and accurate report is an offence under the amended Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A). A person convicted of such an offence is liable to a fine of up to SGD 50,000 or an imprisonment term of up to 3 years, or both. The CBNI may also be seized.
Posters, leaflets and standees will be placed prominently at the checkpoints to remind the public to comply with the new measure. We would like to seek the cooperation of the public with the authorities in the event of a security check. We would also like to encourage all travellers to pre-fill the report forms early to facilitate a smooth immigration clearance.

For assistance on how to complete the report forms, the public can:
(a) Approach any Immigration Officer at the Immigration Checkpoint,
(b) Contact the Suspicious Transaction Reporting Office at +65 6557 5480; or
(c) Visit the Singapore Police Force Website at
www.spf.gov.sg

A list of Frequently Asked Questions on this new measure is attached as Annex A. A copy of the CBNI Report (Traveller) form and CBNI Report (Sender, Carrier or Recipient) form is also attached as Annex B and Annex C respectively.
More.....

1Physical currency means the coin and printed money (whether of Singapore or of a foreign country) that –
(a) is designated as legal tender; and
(b) circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue.

2Bearer negotiable instrument means –
(a) a traveller’s cheque; or
(b) any negotiable instrument that is in bearer form, indorsed without any restriction, made out to a fictitious payee or otherwise in such form that title thereto passes upon delivery, and includes a negotiable instrument that has been signed but with the payee’s name omitted. Examples of negotiable instruments are a bill of exchange, cheque or promissory note.

3You can contact the STRO of the CAD at +65 6557 5480. We are at the Police Cantonment Complex, 391, New Bridge Road, #06-701, Singapore 088762.

4The FATF is an inter-governmental body that develops and promotes policies to combat money laundering and terrorist financing. Singapore has been a member of FATF since 1991.

PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
26 October 2007 at 4.00pm

Source: www.spf.gov.sg Media Release 26 Oct 2007

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- Summary of key amendments to the Penal Code

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