DFA warns Pinoy travelers vs Singapore's new law ...
Friday, November 16 2007 @ 12:32 PM UTCNews affecting OFW's
16 - DFA warns Pinoy travelers vs Singapore's new law on bearing physical currencyThe Department of Foreign Affairs (DFA) on Friday warned all Filipino travelers against new law being enforced by the Singaporean government that took effect last November 1, requiring any person 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.
In an advisory, the DFA said that examples of bearer negotiable instruments include bills of exchange, cheques, promissory notes, bearer bonds, traveler's cheques and money orders or postal orders."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," it said in a statement.
The department also noted that 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.sgAs 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 three 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," the DFA said in the advisory.
"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," it added.
16 - DFA warns Pinoy travelers vs Singapore's new law on bearing physical currencyThe Department of Foreign Affairs (DFA) on Friday warned all Filipino travelers against new law being enforced by the Singaporean government that took effect last November 1, requiring any person 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.
In an advisory, the DFA said that examples of bearer negotiable instruments include bills of exchange, cheques, promissory notes, bearer bonds, traveler's cheques and money orders or postal orders."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," it said in a statement.
The department also noted that 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.sgAs 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 three 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," the DFA said in the advisory.
"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," it added.
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