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New Currency Declaration Requirement at All Entry and Exit Points of Malaysia

Ref No : 12/09/07 23 Dec 2009 Embargo : For immediate release    

In line with the global effort to combat money laundering and terrorism financing, effective 1 January 2010, travellers entering or leaving Malaysia with cash and/or negotiable bearer instruments (e.g. traveller's cheques, bearer cheques)exceeding an amount equivalent to USD10,000 must make a declaration in form Customs No. 22. The forms will be made available at counters located before the Customs Checkpoints at all entry and exit points of Malaysia.

This is a requirement under section 23 of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and is in line with the Special Recommendation IX by the Financial Action Task Force which requires countries to have measures in place to detect the physical cross border transportation of cash and negotiable bearer instruments. Travellers could be fined up to RM1 million and/or face imprisonment not exceeding a term of one year if they fail to declare or make a false declaration.

For further information, members of the public can contact the Royal Malaysian Customs Department or Bank Negara Malaysia at the following contact points:

Royal Malaysian Customs Department

Public Relations Division
Royal Malaysian Customs Department Headquarters
Tel: 1-800-88-8855/+6 03-8882 4803/+6 03-8882 2929 or
E-mail: kastam@customs.gov.my/aduan@customs.gov.my
Website: http://www.customs.gov.my

Bank Negara Malaysia

BNMTELELINK (Customer Service Call Centre)
Tel: 1-300-88-5465 or
E-mail: bnmtelelink@bnm.gov.my 
Website: http://www.bnm.gov.my

See alsoNew Currency Declaration Information Page


Bank Negara Malaysia
23 December 2009


Additional Notes for Media:

  1. The Minister of Finance has given his approval for the invocation of section 23 of the Anti Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) effective 1 January 2010.
     
  2. This new requirement is in line with global efforts to combat money laundering and terrorist financing activities. Countries like Canada , United Kingdom , Australia , New Zealand , Japan , Philippines and Singapore have also adopted the same declaration requirement on the physical transport of cash and negotiable bearer instruments.
     
  3. The Royal Malaysian Customs is the competent authority responsible for enforcing this new requirement. The country comparison on the currency declaration requirements are as follows:

  Country

Relevant Authority

  Effective Date

Amount
(or equivalent in foreign currency)

Singapore

Singapore Police Force

1 Nov 2007

S$30,000 or more

Philippines

Central Bank of Philippines

11 February 2006

US$10,000 or more

Japan

Japan Customs

1 June 2008

1 million yen or more

New Zealand

New Zealand Customs

11 February 2006

NZ$10,000 or more

Australia

Australian Transaction Reports and Analysis Centre (AUSTRAC)

and Australian Customs (for currency declaration)

13 December 2006

AUD$10,000 or more

United Kingdom

HM Revenue and Customs

15 June 2007

10,000 euros or more

Canada

Canada Border Services Agency

6 January 2003

Can$10,000

Note: Cash includes currency notes, coins, bankers' drafts, cheques and travellers cheques of any kind,except for New Zealand, which defines cash as the coin or paper money of New Zealand or of a foreign country.

Bank Negara Malaysia
23 Dec 2009

© Bank Negara Malaysia, 2009. All rights reserved.