New regulations requiring visitors to disclose cash holdings of more than MOP120,000 (US$15,000) at entry to Macau are set to be enforced starting November 1, 2017, local media reports.
The cash declaration measures were first brought to light in December last year with executive council spokesman Leong Heng Teng saying the measure would help to prevent money-laundering activities in the city.
According to Leong at the time, the bill would see any inbound travelers carrying cash or negotiable instruments worth more than MOP120,000 needing to declare them at a separate declaration channel at customs.
The latest announcement was made following a meeting of the Legislative Assembly’s second permanent committee on Thursday.
Penalties for failing to declare ranges between MOP1,000 to MOP500,000, according to local media.