TORTOLA, British Virgin Islands (CMC) – The Commissioner of Customs has warned people travelling through the territory’s ports that failure to declare cash and other monetary instruments in excess of US$10,000 can lead to prosecution.
Commissioner Wade Smith said the warning is timely as in recent times some travellers have failed to make the declaration
Items considered monetary instruments include ‘traveller’s cheques, and negotiable instruments’.
People with more than US$10,000 cash or other monetary instruments are now required to fill out the ‘Report of International Transportation of Currency or Monetary Instruments’ form, which can be found at all nine ports of entry throughout the territory.
Smith said failure to declare the funds is in contravention of the law and anyone found in breach is liable on conviction to a fine of US$10,000 or three times the value of the monies not being declared.
