New Currency Declaration
Malaysia News
New Currency Declaration
In line with the global effort to combat money-laundering and terrorism financing, Malaysia's Bank Negara Malaysia or BNM has issued another currency declaration requirement at all entry and exit points in the country.
Effective 1 January 2010, travellers entering or leaving Malaysia with cash and/or negotiable bearer instruments (traveller's cheques, bearer cheques) exceeding US$10,000 (RM34,000) must make a declaration in Customs No. 22 form.
The forms will be available at counters located before the Customs checkpoints at all entry and exit points of the country. Travellers could be fined up to RM1mil and/or face imprisonment not exceeding a term of one year if they fail to declare or make a false declaration.
It will come under section 23 of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 and in line with the Special Recommendation IX by the Financial Action Task Force which required countries to have measures in place to detect physical cross-border transportation of cash and negotiable bearer instruments.
The new requirement is in line with global efforts to combat money-laundering and terrorist financing activities.
Bank Negara said that Canada, Britain, Australia, New Zealand, Japan, Philippines and Singapore have adopted the same declaration requirement.
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