Bringing $10,000 and more in or out of country must be declared
The Anti-Money Laundering Council (AMLC) will now be notified of foreign currencies in excess of $10,000 brought into and out of the country.
The central bank has amended the foreign currency declaration form that travelers fill out, effectively delegating the monitoring of such currencies to the council.
Bangko Sentral made the change through a letter-circular issued to all agent banks.
Under existing central bank rules, a person who brings into or out of the country foreign currency worth more than $10,000 or its equivalent must declare it in writing. He must also divulge the source of the currency as well as the purpose of the currency transport.
Prior to the issuance of the letter-circular, the Bureau of Customs was mandated to submit the original of the declaration form to the central bank.
This time, the customs bureau will have to submit the form to the AMLC. The duplicate will be held by the bureau and the triplicate will go to the declarant.
Customs must submit to the council all original forms received each month within 10 days after the end of each month.
Under the rules, copies of the blank forms may be obtained from Customs or the central bank. Airline companies may print additional copies of the form provided these exactly match the wording and size of the form printed by the central bank.
Foreign currency covers only banknotes and coins considered as legal tender in a foreign country or territory other than the Philippine peso.
Demonetized notes and coins and checks denominated in foreign currencies, including travelers checks, are excluded from the coverage.
Bron : BusinessWorld Internet Edition
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