UNDECLARED foreign currencies amounting to 47 million Japanese yen or P17.2 million were intercepted by the Bureau of Customs-NAIA at the NAIA Terminal 3 in Pasay City.
The interception came days after the BOC-NAIA headed by Atty. Yasmin Mapa, Anti-Money Laundering Council (AMLC) and Bangko Sentral ng Pilipinas (BSP) conducted a joint inspection on currency declarations at NAIA Terminal 1.
According to Mapa, the undeclared currency was discovered in the check-in baggage of a Korean national during a routine x-ray inspection and that a subsequent physical examination revealed several bundles of Japanese yen.
The arriving passenger shall be charged with violation of the regulations of the BSP on Cross Border Transfer of Currencies and Republic Act No. 10863, also known as the Customs Modernization and Tariff Act.
“Illegal activities such as this undermine the integrity of the financial system and puts the Philippines at risk of becoming a potential hub for financial crimes. We are determined to crack down on these schemes thru active coordination with AMLC, BSP, and other law enforcement agencies involved,” said Customs Commissioner Bienvenido Rubio.
He added: “We are actively strengthening our efforts to combat money laundering and terrorist financing through enhanced measures and proactive collaboration.”
