Persons entering Jamaica with money exceeding US$10,000 reminded to declare it

Persons entering Jamaica with money exceeding US$10,000 are being reminded that they must declare the funds.

Brand Communication Specialist at the Financial Investigation Division (FID), Garth Williams, told JIS News that failure to declare the money could mean that the person will have a case to answer in the courts.

“When you're entering Jamaica, and you have money in excess of US$10,000, and it can be any type of instrument, cheque or otherwise, you need to declare it,” Williams emphasised.

“Declaring it is not an issue if the money is legal. We need to know the source of funds, because we want to ensure that persons aren't bringing dirty money into the country and trying to get it into the formal economy,” he said.

The declaration must be made when persons are filling out Jamaica's online Customs and Immigration C5 form, which is found at enterjamaica.gov.jm.

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“There is a section that asks if you have anything to declare. You will identify the amount of money, and you must also state what is the source of the funds. Also, be prepared to verify the source of funds; it can't just be that you worked at an institution and saved the money. We need some evidence, for example a pay slip that you have worked there,” Williams said.

He also reminds persons that having money in excess of the US$10,000 is not an issue, but making the declaration is essential.

“So, you've got to just remember that US$10,000 or more, or its equivalent in any currency, you must declare it when entering the country,” he said.

The FID is now a Department of Government and is the only law enforcement body within the Ministry of Finance and the Public Service.

- JIS News