EFFECTIVE IMPLEMENTATION OF BSP RULES ON PHYSICAL CROSS-BORDER TRANSPORT OF CURRENCIES
Group (APG) Assessment Team, which showed that one of the key findings
by the Team in its Detailed Assessment Report (DAR) is the weak
implementation by Philippine customs authorities of the cross border
reporting requirement and the capacity to discover cash couriers, you
are hereby directed to do the following remedial measures to address the
aforesaid deficiencies and weaknesses:
1. All District and Port Collectors in all International Airports
and Seaports are required to submit the foreign currency declarations of
all outgoing and incoming passengers on a regular basis to the
Anti-Money Laundering Council (AMLC) within ten (10) days from the end
of its month, pursuant to Section III-C-4 of Memorandum of Agreement
entered into by and between Bangko Sentral ng Pilipinas (BSP), Bureau of
Customs (BOC), Manila International Airport Authority (MIAA),
Philippine National Police (PNP), Bureau of Immigration (BI), Air
Transportation Office (ATO), and Philippine Ports Authority (PPA),
published in CMC No. 24-2005,2. Report to the BSP through the International Operations
Department (IOD) and to the AMLC, violations of BSP rules detected by or
reported to the BOC by the PNP, pursuant to Section III-C-5.3. Comply with all the BOC functions and responsibilities as stated in subject MOA particularly Section III-C thereof.
4. Coordinate with the CIIS and ESS in the effective enforcement and/or implementation of the subject MOA.
5. Institute measures to ensure compliance with the rules stated in
the subject MOA with equal bigger and efficiency in your respective
areas of jurisdiction including the detection and apprehension of
undeclared or misdeclared foreign and Philippine currencies.
For your strict and immediate compliance.
Adopted: 7 Aug. 2009
(SGD.) NAPOLEON L. MORALES
Commissioner