INTERCEPTED. Philippine authorities intercept 80 million Korean won (around PHP3.3 million) from two South Korean travelers at the Ninoy Aquino International Airport (NAIA) Terminal 1 on Tuesday (June 25, 2024). The BOC on Wednesday (June 26) reported that the amount of undeclared foreign currencies seized from travelers has reached PHP20.7 million since the start of this year. (Photo courtesy of BOC)
MANILA – Government agencies involved in countering money laundering activities have confiscated over PHP20.7 million worth of undeclared foreign currencies since the start of this year.
In a statement Wednesday, the Bureau of Customs (BOC) reported that the amount was confiscated in 83 incidents.
This came following Tuesday's joint inspection of the BOC, Anti-Money Laundering Council (AMLC), and the Bangko Sentral ng Pilipinas (BSP) at the currency inspection hub at the Ninoy Aquino International Airport (NAIA) Terminal 1.
BOC Deputy Commissioner Teddy Raval, AMLC Commitments and Policy Group acting deputy director Allan Julius Azcueta and BSP International Operations Department manager Alexis Cervantes led the joint inspection.
The BOC said the undeclared currencies were seized from both Filipino and foreign travelers, mainly from South Korea, Japan, China, Singapore, Thailand, Malaysia, and Indonesia.
It added that the amount includes the undeclared 80 million Korean won (around PHP3.3 million) from two South Korean nationals who were apprehended during the joint inspection.
Under the BSP's Manual of Regulations on Foreign Exchange Transactions, any person who brings into or takes out of the Philippines foreign currency, in excess of US$10,000 or its equivalent in other foreign currencies is required to declare the whole amount brought into or taken out of the Philippines using the Currencies Declaration Form (e-CDF).
The operation is in line with Executive Order 33, series of 2023 and Office of the President Memorandum Circular No. 37, series of 2023 adopting the 2023-2027 National Anti-Money Laundering, Counter-Terrorism Financing, Counter Proliferation Financing Strategy (NACS).
“We are committed to maintaining the integrity of our financial system and ensuring that our borders are secure from illegal monetary activities,” Customs Commissioner Bienvenido Rubio said.
He added that the BOC, AMLC, and BSP shall continue to conduct joint inspections to ensure that currency detection measures and policies on cross-border transport of currencies and monetary instruments are strictly implemented in all international airports and seaports. (PNA)
