On 20 May 2010 between 8am and 12pm, officers from the Singapore Police Force (SPF) and the Immigration & Checkpoints Authority (ICA) conducted a joint operation at the Tanah Merah Ferry Terminal to enforce the reporting of cross border movements of physical currency or bearer negotiable instruments (CBNI *)

2 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.

3 During the operation, Police 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 $80,000 carried by the subject was seized.

4 Police and ICA would like to remind all persons who move into or out of Singapore CBNI with a total value exceeding SGD $30,000 (or its equivalent in a foreign currency) to give a full and accurate report by filling up 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 SGD 50,000 or an imprisonment term of up to 3 years, or both. The CBNI may also be seized.

5 There are no restrictions on the type or amount of CBNI which may be moved into or out of Singapore. The public may visit the Commercial Affairs Department website www.cad.gov.sg for further information on this measure.



SINGAPORE POLICE FORCE
IMMMIGRATION & CHECKPOINTS AUTHORITY

21 MAY 2010
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*Physical currency means the coin and printed money (whether of Singapore or of a foreign country)
that –
(a) is designated as legal tender; and
(b) circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue.
Bearer negotiable instrument means –
(a) a traveller’s cheque; or
(b) any negotiable instrument that is in bearer form, indorsed without any restriction, made out to a fictitious payee or otherwise in such form that title thereto passes upon delivery, and includes a negotiable instrument that has been signed but with the payee’s name omitted. Examples of negotiable instruments are a bill of exchange, cheque or promissory note.