Rep. Paolo Duterte files bill vs bulk cash smuggling

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.

The proposed law mandates individuals to declare cash or monetary instruments amounting to P500,000 or more before transporting them within or outside the Philippines.

Those intending to carry such large sums will also be required to obtain clearance from the Bangko Sentral ng Pilipinas prior to their travel.

Violators who intentionally evade reporting requirements or conceal cash of P500,000 or more will face imprisonment of one to five years and a fine of P100,000 to P500,000.

Smuggled bulk cash will be subject to immediate forfeiture by the Bureau of Customs.

Government officials or employees found to be conspiring in violations will face imprisonment of six months to one year and a fine of P50,000 to P200,000.

Individuals instrumental in the discovery and seizure of smuggled cash will be rewarded with one percent of the smuggled amount or P200,000, whichever is lower.

The bill's co-author is ACT-CIS Rep. Eric Yap, who also chairs the House Committee on Appropriations.

Rep. Duterte highlighted the need for stricter vigilance against money laundering, citing the lax declaration process for cash entering the Philippines compared to other countries.

This legislative action comes amidst reports of Chinese nationals bringing in a substantial amount of money, totaling $368 million, into the Philippines since mid-2019.