A new currency declaration protocol for passengers arriving or departing Macau comes into force on Wednesday, requiring anyone carrying MOP$120,000 or more to report it to authorities.
The “Control of Cross-Boundary Transport of Currency and Bearer Negotiable Instruments (CBNIs)” law, which also covers monetary instruments such as checks, drafts, payment orders and promissory notes, aims to “prevent or combat money laundering and terrorist financing, in order to ensure the security and stability of Macau’s economic system,” according to a previous government statement.
Anyone exceeding the MOP$120,000 limit will be required to fill out a form and follow the red channel through customs with fines of between MOP$1,000 and MOP$500,000 for anyone failing to do so.
The government has also stated that the declaration measure is not intended to restrict, hinder or prohibit the withdrawal and entry of legal capital to and from Macau.
