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Source:
www.spf.gov.sg |
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New Measure to Combat
Terrorism Financing and Money Laundering |
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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. |
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The form is available at all checkpoints,
police establishments, Singapore Visitors Centres and branches of
Singapore Post. |
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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. |
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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. |
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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 |
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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. |
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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. |
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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. |
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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. |
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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. |
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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 |
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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. |
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More..... |
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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 |
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Source:
www.spf.gov.sg Media Release 26 Oct
2007 |
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Related Article: |
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The Penal Code (Amendment) Bill passed |
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Summary of key amendments to the Penal Code |
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FrontPage Edition: Tue 30 October 2007
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