AS PART of the effort to combat illicit financial flows, the Bureau of Customs (BOC) was monitoring several groups of passenger-couriers who were declaring huge amounts of foreign currency as they entered the country.
In a Sunday statement, the BOC said it was working with the Anti-Money Laundering Council (AMLC) and the Bangko Sentral ng Pilipinas (BSP) to combat illicit financial flows.
“Several groups of passenger-couriers declaring huge amount of foreign currency have been identified by the BOC through its sustained monitoring efforts,” the bureau said.
“The Bureau of Customs vows to continuously intensify its efforts on border protection and prevent the illegal movements of illicit money or capital to and from the Philippines,” it added.
Under Philippine laws, amounts of foreign currency exceeding $10,000 in value were required to be declared before allowed entry into the country. (GMA News)
