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.