New currency declaration measures take effect Nov 1

A new currency declaration law from the Macau government will take effect on November 1, 2017, according to a government announcement.

The new measures, which were first announced on the Official Gazette on June 12, state that arrival passengers bringing Cross-Boundary Transport of Currency and Bearer Negotiable Instruments (CBNIs) equal to or exceeding MOP 120,000 (US$15,000) will be required to use the Red Channel at immigration to declare to customs officials, while departing passengers will need to also declare upon leaving the territory if called by a customs agent.

CBNIs include Traveler's cheques, cheques, draft, payment orders, promissory note, and other instruments.

The punishment for non-cooperation will result in a fine from MOP 1,000 to MOP 500,000.

According to the government, the new measure is designed to prevent or combat money laundering and terrorist financing.

More news from this jurisdiction

MacauTuesday, Mar 20, 2018

China’s VIPs have an ever growing number of IRs to choose from, but Macau is unlikely to be knocked from its post as the top draw for high rollers any time soon, analysts say.

MacauMonday, Mar 19, 2018

Melco Resorts & Entertainment Chairman and CEO Lawrence Ho said he would favor maintaining the status quo in Macau when it comes to renewing the concessions for the gambling hub’s six operators.

Macau, ElsewhereMonday, Mar 19, 2018

Tom Light, senior vice-president of business development at SBTech, is to leave the group to establish a new business venture that will unite blockchain and gambling.

Macau, Mainland ChinaMonday, Mar 19, 2018

Zhuhai airport plans to add more flights to improve connectivity to the Macau region.

MacauMonday, Mar 19, 2018

Melco Resorts & Entertainment CEO Lawrence Ho said the company will take care of the family of a worker who died at the construction site of its Morpheus hotel on Sunday.

MacauThursday, Mar 15, 2018

Sands China has become the first gaming operator in Macau to earn an ISO 9001:2015 certification for the quality management of its facilities department.

MacauThursday, Mar 15, 2018

China Star Entertainment said it will receive an additional gain from the sale of the Hotel Lan Kwai Fong in Macau following an analysis of the accounts post closing.