Travelers coming in and out of Singapore will have to declare the amount of money they carry if it is SGD20,000 (USD16,000) or more.
This, after the Singapore Police Force announced that the threshold has been lowered from SGD30,000 to SGD20,000 in line with the recommendations made by the Financial Action Task Force.
The new rule applies to cash or bearer negotiable instruments such as traveler’s cheque.
SPF said lowering the amount of cash that people can move in and out of Singapore will help deter criminals and terrorism financiers from financing their illicit activities.
The Singapore threshold is higher than the USD10,000 local currency equivalent in New Zealand, Australia and United States. – BusinessNewsAsia.com