BOC monitors influx of foreign currencies

March 1, 2020

In its bid to combat illicit financial flows and to protect the interest of the general public, the Bureau of Customs (BOC) has heightened its efforts to address influx of suspicious large amounts of foreign currency into the country.

Several groups of passenger-couriers declaring huge amount of foreign currency have been identified by the BOC through its sustained monitoring efforts.

The BOC reported that it is addressing the matter and has already been working silently with the Anti-Money Laundering Council (AMLC), Bangko Sentral ng Pilipinas (BSP) and other intelligence and law enforcement agencies including Congress.

Under existing laws, amounts of foreign currency exceeding $10,000.00 in value are allowed to be brought into the country for as long as it is declared.

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. BOC