A new currency declaration protocol for all passengers arriving or departing from Macau will come into force from 1 November 2017, the government announced on Monday.
The “Control of Cross-Boundary Transport of Currency and Bearer Negotiable Instruments (CBNIs)” law, which was first proposed in late 2016, has passed the Legislative Assembly and requires travelers carrying cash or monetary instruments worth MOP$120,000 or more to submit a declaration form to customs. Such instruments include cheques, draft, payment orders, promissory notes and more.
The law aims to “prevent or combat money laundering and terrorist financing, in order to ensure the security and stability of Macau’s economic system,” the government said in a statement.
The government said the declaration measure was not intended to restrict, hinder or prohibit the withdrawal and entry of legal capital to and from Macau. It added that a promotional campaign would soon be launched to educate residents and travelers of relevant information.
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