SINGAPORE - From May 13, all travellers entering and leaving Singapore will need to make an online declaration if they have more than $20,000 in cash or its equivalent in foreign currency.
The police said in a statement on April 19 that the move is aimed at making the existing declaration process simpler and more convenient.
Currently, such travellers have to submit a hard-copy form when they enter or leave the country. This form, known as the Physical Currency and Bearer Negotiable Instruments (CBNI) declaration, will be discontinued on May 13.
Bearer negotiable instruments are items representing a sum of money, the title to which can be freely transferred between parties.
These include traveller’s cheques, bills of exchange, promissory notes, bearer bonds, money orders and postal orders.
The police said that CBNI declarations aid Singapore’s efforts to combat criminal activity such as money laundering, adding that similar requirements are common in many countries.
Travellers due to arrive in or depart from Singapore on or after May 13 will be able to submit an electronic CBNI declaration from May 10.
Travellers must complete the declaration before reaching Singapore’s checkpoints and will not need to submit any hard-copy forms after that, the police said.
It added that travellers can access and submit the electronic declaration through the MyICA mobile application or on the Immigration and Checkpoints Authority’s (ICA) website up to three days before entering or leaving the country.
The declaration requires information such as the particulars of the person carrying the CBNI, the country or region the CBNI is being moved from and to, the reason for the movement, as well as the CBNI’s source and recipient.
Those arriving in Singapore should also remember to submit the Singapore Arrival Card before starting the CBNI declaration process.
Once submitted, travellers will receive an acknowledgement e-mail which can be provided as proof of declaration to ICA officers at the air, land and sea checkpoints.
However, they must void and resubmit the declaration if the amounts of CBNI change after the initial submission.
