Manila Bulletin
BOC bolsters efforts to monitor entry of foreign currencies
The Bureau of Customs (BOC) is intensifying its monitoring of significant amounts of foreign currency entering the Philippines due to money laundering concerns.
The BOC is collaborating with the Anti-Money Laundering Council (AMLC), Bangko Sentral ng Pilipinas (BSP), and other law enforcement agencies to combat illicit financial flows.
Senator Richard Gordon cited BOC records indicating that foreign nationals, primarily Chinese citizens, brought millions of dollars into the country between December and February.
These funds were declared as capital for travel, casinos, or investments, with Gordon suggesting a scheme involving wiring 'clean money' back to Hong Kong as casino winnings.
While Philippine law permits declaring foreign currency exceeding $10,000, Gordon expressed concern that the country is being used for money laundering.
The BOC vows to continuously enhance border protection to prevent the illegal movement of capital into and out of the Philippines.
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Senator Richard Gordon revealed that 60 individuals, including Filipino and Chinese nationals, brought a total of $633 million or P32 billion in cash into the Philippines from September 2019 to March 2020.
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Davao City First District Rep. Paolo Duterte filed House Bill 6421, the "Anti-Bulk Cash Smuggling Act of 2020," to penalize the illegal transport of large sums of money into and out of the country.
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Bureau of Customs (BOC) operatives at NAIA intercepted Malaysian national Gan Kang Hsiung carrying P1.1 million in cash.
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President Rodrigo Duterte ordered an investigation into Chinese nationals suspected of bringing undeclared cash into the Philippines, potentially for money laundering.
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