The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act has been amended to impose measures for the disclosure of information regarding movements of physical currency and bearer negotiable instruments (or cash) into and out of Singapore. This is part of Singapore’s overall efforts to combat money laundering, terrorism financing and other transnational crime.
Criminals and terrorists financiers around the world have been known to use cash couriers as a major means of physically moving funds across borders, in order to finance their illicit activities or to launder their ill-gotten gains. The introduction of this initiative will facilitate the detection, investigation and prosecution of drug trafficking offences and serious crimes. This is consistent with international anti-money laundering and counter-financing of terrorism standards recommended by the Financial Action Task Force (FATF), an inter-governmental body that develops and promotes such policies. Singapore is a member of the FATF.
From 1 November 2007, any person who moves into or out of Singapore cash exceeding SGD 30,000 (the prescribed amount) or its equivalent in a foreign currency, is required to give a report in respect of its movements. Any person who receives cash exceeding the prescribed amount from outside Singapore is also required to give a report within five business days upon receipt.
The Act provides exemptions from the reporting requirement. A commercial passenger carrier is not required to give a report in respect of cash in the possession of its passengers. A commercial goods carrier is also not required to give a report if the cash is carried on behalf of another person and the other person has not disclosed to the carrier that the goods carried include cash and the carrier does not know and has no reasonable ground to believe that the goods carried on behalf of the other person include cash.
Any person who enters or leaves Singapore is required to give a report if he carries with him cash exceeding the prescribed amount. He shall hand the report to any immigration officer at the Customs Red Channel on arrival in Singapore, and at the immigration counter on departure from Singapore. The prescribed form to be used is the Physical Currency and Bearer Negotiable Instruments Report (Traveller) or NP727 form.
Any person who moves cash exceeding the prescribed amount into or out of Singapore, through cargo, post or other means, is required to give a report to the Suspicious Transaction Reporting Office (STRO) of the Commercial Affairs Department, Singapore Police Force 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 cash. If it is not reasonably practicable to do so, he should give the report to the STRO at the first opportunity thereafter but before the cash is moved. STRO is located at 391 New Bridge Road, #06-701, Police Cantonment Complex Block D, Singapore 088762.
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 prescribed form to be used is the Physical Currency and Bearer Negotiable Instruments Report (Sender, Carrier or Recipient) or NP728 form. It can be sent to the STRO by hand or by post.
A failure to give a full and accurate report is an offence under the Act. The punishment is a fine not exceeding SGD 50,000, or an imprisonment term not exceeding 3 years, or both. The cash may also be seized if the person fails to give the report.
The Cross Border Cash Enforcement Branch (CEB) of the Commercial Affairs Department (CAD) investigates offences relating to this initiative and takes enforcement action against persons who did not give a full and accurate report. For enquiries, please contact the hotline at +65 65575480.
The forms are available at all major checkpoints, Police Neighbourhood Centres, Police Neighbourhood Posts and branches of Singapore Post. The forms can also be downloaded from both the SPF website at www.spf.gov.sg or here. In addition, the NP727 form is available at all Singapore Visitor Centers and is supplied to commercial transport operators for distribution to their customers. Those who require a sizeable quantity of the forms can contact Head Corporate Services CAD at DID : +65 6557 5487 on the collection arrangement.
For assistance on completing the forms, the public can approach any immigration officer at the checkpoint, contact the STRO at +65 6557 5480 or visit the SPF website. The forms are available in the English, Chinese, Malay and Japanese languages.
This initiative is not a currency control measure. There is no restriction on the type or amount of cash which is moved into or out of Singapore.
