If you ever plan to sneak SGD$1 million over the border, you should really think twice. Like, really think twice. Or don’t do it at all.
But then again, who has that much money these days. Especially considering how we’re living in a country like Singapore where everything is expensive. Unless you’re a crazy rich Asian like the Young family from the movie.
One man, however, was found guilty of this and ended up getting caught.
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Multiple Times
On May 30, Thursday, the man was fined SGD$18,000 as he had not declared the large amounts of cash when entering and leaving the country.
First of all, why does this guy have so much money? Second of all, I want that money. Third of all, just why. So many questions.
The police said that this happened on several occasions.
The man, who is identified as Kamapanis Pornchai, 48, did not declare cash worth more than SGD$1.12 million in total. That’s a lot of money.
The First Time
The police were first alerted of a man carrying a large amount of cash in Changi Airport Terminal 4 in January of last year.
They then found that Pornchai was carrying more than SGD$454,650 while leaving Singapore.
Or attempting to do so, at least.
The police did not provide any other details regarding the other incidents of Pornchai moving money across the border.
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Consequences
If anyone is found to be failing to report cross-border movements of cash, they could be fined $50,000 and jailed up to three years. Or both.
In a press release by the police, they said, “The police would like to remind the public of the statutory requirement to declare the physical movement of any cash exceeding S$20,000 (or its equivalent in foreign currency) into or out of Singapore, and failure to do so constitutes an offence.”
So yes, don’t do anything illegal unless you want to get fined or spend a few years in jail.
Effective Since 2014
From September 1 2014, foreign visitors and Singaporeans are required to make a declaration of money that they bring in and out of the country if it exceeds SGD$20,000.
If they are carrying any amount that exceeds the maximum amount of money, they are required to fill out a CBNI (physical currency or bearer negotiable instruments) Report form.
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Once done, they are then required to submit it to any immigration officer at the Customs Red Channel.
If they are flying out of the country, they can just submit it to an immigration officer at the Immigration counter.
The police said that the maximum amount to be clarified was reduced from $30,000 to $20,000, not as a currency control measure, but to reduce transnational crimes.
The authorities hope that they can detect and monitor cross-border cash movements and take action against cash couriers who support financing terrorism or money laundering services.
Again, if anyone is found guilty, they would end up like Pornchai. And nobody wants to end up like him, right?
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