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Manila Bulletin devider Philippines devider National devider BOC foils over P33M currency smuggling since 2020

BOC foils over P33M currency smuggling since 2020

Published Jul 17, 2021 04:19 pm

More than P33 million worth of local and foreign currencies were confiscated by the Bureau of Customs (BOC) from various currency smuggling attempts through the country's ports since last year.

(Photo courtesy of the BOC)

According to the Intelligence Group-Customs Intelligence and Investigation Service (IG-CIIS), a total of P33,128,870 of local and foreign currencies and other monetary instruments were seized by the bureau as of July 14.

The seized currencies originated from Asian countries such as Malaysia, Singapore, and Japan, and from the United States of America, particularly from North Carolina, New Jersey, Tennessee, Colorado, and California.

The items were either hidden in baggage brought by passengers or sent before or after their arrival while those sent through parcel shipments were misdeclared as personal documents, correspondence, magazines, and books.

With this, the BOC reminded the public and travelers on the existing Cross-Border Transfer of Local and Foreign Currencies Guidelines under the Bangko Sentral ng Pilipinas (BSP) Manual of Foreign Exchange Transaction.

A traveler, importer, or exporter simply needs to secure prior written authorization from the BSP for local currency (Philippine peso) exceeding P50,000.

For foreign currencies and other monetary instruments exceeding USD10,000 or its equivalent in other currencies, the person shall declare the amount using the prescribed Customs Baggage Declaration Form and Foreign Currency Declaration Form.

The seized currencies were subjected to seizure and forfeiture proceedings due to violation of Sections 1400 (Misdeclaration) and 1113 of R.A. No. 10863 (CMTA) in relation to the R.A. 7653 (New Central Bank Act) and BSP Foreign Exchange Transaction Manual.

Related Tags

CURRENCY SMUGGLING Bureau of Customs BOC
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