The new rule is part of the Malaysian government's effort to combat money laundering and terrorism financing.
KUALA LUMPUR - From Jan 1, travellers entering or leaving Malaysia carrying more than US$10,000 (S$14,000) must make a declaration to the Customs Department.
The new rule, which will be enforced at all airports and seaports, is part of the government's effort to combat money laundering and terrorism financing. In a statement yesterday, Bank Negara said this would cover currency notes, coins, banker's drafts, cheques and traveller's cheques.
Those travelling with that much money must fill up a new form labelled Customs No. 22.
The forms will be available at counters located before the Customs checkpoints at all entry and exit points.
This rule falls under section 23 of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.
It is also in line with a suggestion from the Financial Action Task Force, which requires countries to detect the physical cross-border movement of cash and negotiable bearer instruments.
Singapore, the Philippines, Japan, Australia, New Zealand, Britain and Canada have adopted the same rule.
Travellers, whether Malaysians or foreigners, who fail to declare or make a false declaration could be fined up to RM1 million and/or face a jail sentence of up to a year.
Malaysians entering the country now do not need to declare the amount of money they carry. Foreigners, too, need not do this if the amount they take out of Malaysia is less than what they brought in.
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