Man arrested for not giving accurate report of currencies
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Indonesian man arrested at checkpoint for not giving accurate report of currencies
SINGAPORE : Police have arrested a 49-year-old Indonesian man for failing to give an accurate report of assorted currencies found in his possession when he was crossing the checkpoint.
Cash of over S$80,000 carried by the man was seized.
This took place on Thursday, during a joint operation by the Singapore Police Force and Immigration and Checkpoints Authority (ICA) at the Tanah Merah Ferry Terminal.
It was part of efforts to enforce the reporting of cross border movements of physical currency or bearer negotiable instruments (CBNI).
This reporting requirement was implemented on 1 November 2007 and is part of Singapore's overall efforts to combat money laundering, terrorism financing and other transnational crime.
Police and ICA said that anyone who moves into or out of Singapore CBNI with a total value exceeding S$30,000 (or its equivalent in a foreign currency) must give a full and accurate report by filling in the requisite form and submitting it to the authorities.
The punishment for failing to give a full and accurate report is a fine of up to S$50,000 or a jail term of up to three years, or both,
The CBNI may also be seized.- CNA/ms
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Must be illegal things. Money laundering.