Thursday, March 08, 2007 BSP tells BOC to implement MOA on money
THE Bangko Sentral ng Pilipinas(BSP) has reminded the Bureau of Customs (BOC) that bringing in and out of the country of legal tender currencies in excess of P10,000 and $10,000 need BSP authorization.
Celia Gonzales, managing director of the BSP International Department, also reminded Customs Commissioner Napoleon Morales in a letter of the supplemental memorandum of agreement (MOA) entered on Dec. 20, 2006 by the BOC and BSP.
The supplemental MOA is aimed to effectively implementn BSP rules on physical cross-border transport of currencies.
In the original MOA, dated Jan. 17, 2005, the BOC and BSP agreed to adopt measures to monitor banks operating in the country and detect the physical cross-border transport of legal tender Philippine notes and coins, checks, money orders and other bills of exchange drawn in pesos in excess of P10,000.
All persons bringing money out of Cebu or out of the Philippines to other countries in excess of $10,000 need BSP authorization, otherwise the money will be seized by the BOC and turned over to the BSP.
In applying for a BSP authority to transport huge sums of money, the applicant must state where the money will go and for what purpose.
The monitoring on the movement of money in and out of the country is also based on Republic Act 9160, also known as Anti-Money Laundering Act of 2001, to prevent laundering by drug traffickers, smugglers, kidnap for ransom groups and unscrupulous government officials.
The MOA also provides for the establishment of a customs desk in international airports and seaports to monitor the flow of foreign currency and other monetary instruments.
Individuals who intend to travel overseas or enter the country with more than P10,000 can apply for BSP authorization with the BOC Export and Import Division. The same procedure applies for those who carry foreign currencies in excess of the regulated sum. (EOB)
