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Reporting of Cross Border Movement of Physical Currency and Bearer Negotiable Instruments

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Introduction
Obligations of a Traveller
Obligations of a Sender, Carrier or Recipient
Exemptions
Penalty


Introduction

This measure requires the disclosure of information regarding movements of physical currency or bearer negotiable instruments (CBNI) into and out of Singapore, for the purpose of detecting, investigating and prosecuting drug trafficking offences and serious offences. Examples of bearer negotiable instruments include a bill of exchange, a cheque, a promissory note, a bearer bond, a traveller’s cheque, a money order or postal order.

As of 1 November 2007, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A) requires a person to give a report if he (a) carries with him into or out of Singapore, (b) moves into or out of Singapore through cargo, post or other means or (c) receives from outside Singapore, CBNI the total value of which exceeds SGD 30,000 (or its equivalent in a foreign currency).

Obligations of a Traveller

If you carry more than SGD 30,000 or its equivalent in CBNI into or out of Singapore, you are required to make a report on the Physical Currency and Bearer Negotiable Instruments Report (Traveller) form or NP727 form. You may also be asked by an Immigration Officer or other authorised officers to fill in the form if you have not done so.

The report shall be in the prescribed form, and contain full and accurate information as specified in the form. If you are entering Singapore, you should submit the report to the Immigration Officer at the Customs Red Channel on arrival in Singapore. On departure from Singapore, you should submit the report to the Immigration Officer at the Immigration Counter.

Obligations of a Sender, Carrier or Recipient

If you move more than SGD 30,000 or its equivalent in CBNI into or out of Singapore , through cargo, post or other means, you are required to make a report on the Physical Currency and Bearer Negotiable Instruments Report (Sender, Carrier or Recipient) form or NP728 form. The report shall be given 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 CBNI or if it is not reasonably practicable to do so, you should give the report to the STRO at the first opportunity thereafter but before the CBNI is moved. STRO is located at 391 New Bridge Road, #06-701, Police Cantonment Complex Block D, Singapore 088762.

If you receive CBNI from outside Singapore, you must submit the report to the STRO within five business days upon receipt. The form can also be submitted online via E728. The report should be sent by hand or by post to the STRO.

Exemptions

Commercial passenger carriers are exempted from the above reporting requirement in respect of CBNI in the possession of their passengers. Commercial goods carriers are exempted if the CBNI is carried on behalf of another person, and the other person has not disclosed to the carrier that the goods carried include CBNI, and the carrier does not know and has no reasonable ground to believe that the goods carried on behalf of the other person include CBNI.

Penalty

Failure to give a full and accurate report is an offence under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A) (CDSA). The punishment is a fine not exceeding SGD 50,000, or an imprisonment term not exceeding 3 years, or both. The CBNI may also be seized if a 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.

THIS IS NOT A CURRENCY CONTROL MEASURE

This is not a currency exchange control measure. There are no restrictions to the type or amount of CBNI which may be moved into or out of Singapore. This measure only requires a report to be made when the total value of the CBNI being moved exceeds the equivalent of SGD 30,000. It does not seek to restrict legitimate cross border trade payments for goods and services, or the freedom of capital movements.