Executive Council spokesman Leong Heng Teng said yesterday the government was proposing that cash and bearer negotiable instruments of 120,000 patacas (about US$15,000) or more should be declared to customs officers.
During a special press conference at Government Headquarters, Leong announced that the council, the government’s top advisory body, completed its discussion of a government-drafted bill on the supervision of the cross-border transportation of large quantities of currency and bearer-negotiable instruments.
“The bill aims to combat money laundering,” said Leong, adding that the government has the duty to implement such a law as a member of the inter-governmental Financial Action Task Force on Money Laundering (FATF).
Executive Council (ExCo) spokesperson Leong Heng Teng addresses a press conference at Government Headquarters yesterday. Photo: Annie Cheung
