A reader asked me "how much money can i bring into Malaysia"? He will be coming to Malaysia this year for a holiday. He heard that foreigner can only bring amount equivalent to USD1,000 when entering and going out from Malaysia. New Currency Declaration Requirement at All Entry and Exit Points of Malaysia had been announced by Bank Negara Malaysia on 23 December 2009. They already changed that amount to USD10,000 but normally, Custom will not check your baggage unless someone reporting you bring more money then you should.
Effective 1 January 2010, travellers entering or leaving Malaysia with cash and/or negotiable bearer instruments (e.g. traveller's cheques, bearer cheques) exceeding an amount equivalent to USD10,000 must make a declaration in form Customs No. 22. This is in line with the global effort to combat money laundering and terrorism financing. The Customs form No. 22 will be made available at counters located before the Customs Checkpoints at all entry and exit points of Malaysia.
This is a requirement under section 23 of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and is in line with the Special Recommendation IX by the Financial Action Task Force which requires countries to have measures in place to detect the physical cross border transportation of cash and negotiable bearer instruments. Travellers could be fined up to RM1 million and/or face imprisonment not exceeding a term of one year if they fail to declare or make a false declaration.
The Minister of Finance has given his approval for the invocation of section 23 of the Anti Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) effective 1 January 2010. This new requirement is in line with global efforts to combat money laundering and terrorist financing activities. Countries like Canada, United Kingdom, Australia, New Zealand, Japan, Philippines and Singapore have also adopted the same declaration requirement on the physical transport of cash and negotiable bearer instruments. The Royal Malaysian Customs is the competent authority responsible for enforcing this new requirement.
Effective 1 January 2010, travellers entering or leaving Malaysia with cash and/or negotiable bearer instruments (e.g. traveller's cheques, bearer cheques) exceeding an amount equivalent to USD10,000 must make a declaration in form Customs No. 22. This is in line with the global effort to combat money laundering and terrorism financing. The Customs form No. 22 will be made available at counters located before the Customs Checkpoints at all entry and exit points of Malaysia.
This is a requirement under section 23 of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and is in line with the Special Recommendation IX by the Financial Action Task Force which requires countries to have measures in place to detect the physical cross border transportation of cash and negotiable bearer instruments. Travellers could be fined up to RM1 million and/or face imprisonment not exceeding a term of one year if they fail to declare or make a false declaration.
The Minister of Finance has given his approval for the invocation of section 23 of the Anti Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) effective 1 January 2010. This new requirement is in line with global efforts to combat money laundering and terrorist financing activities. Countries like Canada, United Kingdom, Australia, New Zealand, Japan, Philippines and Singapore have also adopted the same declaration requirement on the physical transport of cash and negotiable bearer instruments. The Royal Malaysian Customs is the competent authority responsible for enforcing this new requirement.
The country comparison on the currency declaration requirements are as follows:
Country
|
Relevant Authority
|
Effective Date
|
Amount
(or equivalent in foreign currency) |
| Singapore | Singapore Police Force |
1 Nov 2007
|
S$30,000 or more
|
| Philippines | Central Bank of Philippines |
11 February 2006
|
US$10,000 or more
|
| Japan | Japan Customs |
1 June 2008
|
1 million yen or more
|
| New Zealand | New Zealand Customs |
11 February 2006
|
NZ$10,000 or more
|
| Australia | Australian Transaction Reports and Analysis Centre (AUSTRAC) and Australian Customs (for currency declaration) |
13 December 2006
|
AUD$10,000 or more
|
| United Kingdom | HM Revenue and Customs |
15 June 2007
|
10,000 euros or more
|
| Canada | Canada Border Services Agency |
6 January 2003
|
Can$10,000
|
Note: Cash includes currency notes, coins, bankers' drafts, cheques and travellers cheques of any kind, except for New Zealand, which defines cash as the coin or paper money of New Zealand or of a foreign country.
For further information, members of the public can contact the Royal Malaysian Customs Department or Bank Negara Malaysia at the following contact points:
For further information, members of the public can contact the Royal Malaysian Customs Department or Bank Negara Malaysia at the following contact points:
Royal Malaysian Customs Department
Public Relations Division
Royal Malaysian Customs Department Headquarters
Tel: 1-800-88-8855/+6 03-8882 4803/+6 03-8882 2929 or
E-mail: kastam@customs.gov.my/aduan@customs.gov.my
Website: http://www.customs.gov.my
Bank Negara Malaysia
BNMTELELINK (Customer Service Call Centre)
Tel: 1-300-88-5465 or
E-mail: bnmtelelink@bnm.gov.my
Website: http://www.bnm.gov.my
Public Relations Division
Royal Malaysian Customs Department Headquarters
Tel: 1-800-88-8855/+6 03-8882 4803/+6 03-8882 2929 or
E-mail: kastam@customs.gov.my/aduan@customs.gov.my
Website: http://www.customs.gov.my
Bank Negara Malaysia
BNMTELELINK (Customer Service Call Centre)
Tel: 1-300-88-5465 or
E-mail: bnmtelelink@bnm.gov.my
Website: http://www.bnm.gov.my
Source: Bank Negara Malaysia.
For an update of this post, you can read, Limit to bring cash in Malaysia.
