Superyandao 1st Gear November 10, 2010 Share November 10, 2010 Can someone educate me on why is there a need? What upset is there to the economy or country's stability? http://www.straitstimes.com/BreakingNews/S...ory_601456.html ↡ Advertisement Link to post Share on other sites More sharing options...
Dafansu Turbocharged November 10, 2010 Share November 10, 2010 part of the government's effort to combat money laundering and financing of terrorism. The object of this Part is to impose measures for the disclosure of information regarding movements of physical currency and bearer negotiable instruments into and out of Singapore for the purpose of detecting, investigating and prosecuting drug trafficking offences and serious offences. Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged November 10, 2010 Share November 10, 2010 Money if taken out of Singapore is money gone out of Singapore like you take money out of pocket to buy things in JB. Like USA they print U$600B is to be circulated in US but if most of it goes out of US, means again out of pocket - print for nothing... Link to post Share on other sites More sharing options...
Skunk Clutched November 10, 2010 Share November 10, 2010 combat major crimes involving large sums of money. Almost all developed nations have this policy in place, though the amount that needs to be declared varies... Link to post Share on other sites More sharing options...
Skunk Clutched November 10, 2010 Share November 10, 2010 ??? Need to declare only, not forbidden to take out lah Link to post Share on other sites More sharing options...
Aeromania 1st Gear November 10, 2010 Share November 10, 2010 So that you don't rob a bank and bring the money and get out of the country guilt free coz gahmen nv say need to declare. If not wrong 30k and above need to declare. I wonder got ppl put $29,999 in suitcase and fly off anot.... Link to post Share on other sites More sharing options...
999 3rd Gear November 10, 2010 Share November 10, 2010 Bring in and out also need to declare. Amount is different IIRC. Link to post Share on other sites More sharing options...
Zenithpool 2nd Gear November 10, 2010 Share November 10, 2010 taking more Sing dollar out will mean we got lesser note in local, result to insufficient dollar note to use. When this happen, MAS need to authorise printing of more new notes. And the more dollar note u have, the lesser it worth, like what happen to the US dollars now. Link to post Share on other sites More sharing options...
Superyandao 1st Gear November 10, 2010 Author Share November 10, 2010 taking more Sing dollar out will mean we got lesser note in local, result to insufficient dollar note to use. When this happen, MAS need to authorise printing of more new notes. And the more dollar note u have, the lesser it worth, like what happen to the US dollars now. how would MAS know how much SGD is in circulation locally or internationally? wouldn't it be the same when i electronic transfer the money out? if i'm not wrong, you need to declare cash or equivalents such as bank draft. i remember last time when i take bus from thai to sg, the "guide" will pass like a couple hundred SGD to a few people to "help bring in". so why is there a need to check for inflow as well? i think when travelling to us or uk they will expect that you declare how much you bringing in also. why? isn't bringing in $$$ good? if the immigration officer parkat with crooks won't someone just follow me to my hotel and then rob me? Link to post Share on other sites More sharing options...
Zenithpool 2nd Gear November 10, 2010 Share November 10, 2010 how would MAS know how much SGD is in circulation locally or internationally? wouldn't it be the same when i electronic transfer the money out? if i'm not wrong, you need to declare cash or equivalents such as bank draft. i remember last time when i take bus from thai to sg, the "guide" will pass like a couple hundred SGD to a few people to "help bring in". so why is there a need to check for inflow as well? i think when travelling to us or uk they will expect that you declare how much you bringing in also. why? isn't bringing in $$$ good? if the immigration officer parkat with crooks won't someone just follow me to my hotel and then rob me? for parkat case, never ending story one. Then those bank teller how? lagi dangerous...... Link to post Share on other sites More sharing options...
Icedbs Turbocharged November 10, 2010 Share November 10, 2010 the reason is not because of terrorism or laundering la...although that is something they have to prevent too. The main reason is that if big bulk of SGD inflow/outflow of the country, it will affect the currency strength against the major currencies. That in turn will affect the economy and inflation. MAS pegged the SGD to a basket of currencies and nobody knows the exact ratio of those currencies. In that sense it prevent anyone from trying to manipulate the SGD strength. In the same manner, it gives MAS a close control on the SGD. Those TT or transfer that you do through your bank, the bank will eventually report that. So the authorities knows how much SGD has came in or went out. But if you hand carry your millions of cash, nobody will know, and hence, you need to declare them. During the days when Ringgit was pegged to USD (during the Asian financial crisis), you also need to declare if you bring out/in more than $10k ringgit into Malaysia. That close control has finally allowed Ringgit to stabilise instead of dropping to no value So you guys don't anyhow whack the reasons la.... Link to post Share on other sites More sharing options...
Ben5266 Supercharged November 10, 2010 Share November 10, 2010 Correct. Many didn't know, S$ is not free float. Link to post Share on other sites More sharing options...
Maldini03 1st Gear November 10, 2010 Share November 10, 2010 Those TT or transfer that you do through your bank, the bank will eventually report that. So the authorities knows how much SGD has came in or went out. But if you hand carry your millions of cash, nobody will know, and hence, you need to declare them. During the days when Ringgit was pegged to USD (during the Asian financial crisis), you also need to declare if you bring out/in more than $10k ringgit into Malaysia. That close control has finally allowed Ringgit to stabilise instead of dropping to no value So you guys don't anyhow whack the reasons la.... Disagree.... It is use to prevent Anti Money Laundering. When u rob the bank, run bookie, loanshark etc... u receive $$, but u cant bank it into yr account, because they will ask you for the where does the sum come from. why not TT? why not cashier order? (unless u diligent go the bank to bank a small bit every day. even though, the bank has a system to track it. dun play play) Who in the correct state of mind would carry 100k over the causeway like this. would you? I would't, i would Tele-transfer the fund over. but money laundered money cant tele- transfer Now that bring us back to the million dollar someone mention? who got million dollar and want to bring across the causeway in cash? why cash at the 1st place? I realli would't dare... By the way if u wan to draw out your million dollar from the bank, the bank will question why? why not TT, CO or whatever? why cash? you also cant answer. Hahaha.... that why illegal bookie got $$ cannot spend. From someone in the bank... Link to post Share on other sites More sharing options...
Skunk Clutched November 10, 2010 Share November 10, 2010 well said. Just declare only, not tax....the only reason why someone wouldn't want to do it but smuggle it over is......your guess is as good as mine lol Link to post Share on other sites More sharing options...
Benarsenal Turbocharged November 10, 2010 Share November 10, 2010 If you never do anything wrong, scared what? Link to post Share on other sites More sharing options...
Good-Carbuyer 1st Gear November 10, 2010 Share November 10, 2010 for parkat case, never ending story one. Then those bank teller how? lagi dangerous...... Some time back the media reported an incident in Johore. A bank Teller shouted to accomplice the sum of cash withdrawn by a rich man. The robbery was conducted immediately when the customer left the bank. I wonder why the customer did not deposit the cash back instead, and to withdraw from another branch later/ahother day? Link to post Share on other sites More sharing options...
D3badge 6th Gear November 10, 2010 Share November 10, 2010 (edited) Disagree.... It is use to prevent Anti Money Laundering. When u rob the bank, run bookie, loanshark etc... u receive $$, but u cant bank it into yr account, because they will ask you for the where does the sum come from. why not TT? why not cashier order? (unless u diligent go the bank to bank a small bit every day. even though, the bank has a system to track it. dun play play) Who in the correct state of mind would carry 100k over the causeway like this. would you? I would't, i would Tele-transfer the fund over. but money laundered money cant tele- transfer Now that bring us back to the million dollar someone mention? who got million dollar and want to bring across the causeway in cash? why cash at the 1st place? I realli would't dare... By the way if u wan to draw out your million dollar from the bank, the bank will question why? why not TT, CO or whatever? why cash? you also cant answer. Hahaha.... that why illegal bookie got $$ cannot spend. From someone in the bank... agree this is call Structuring the bank system also can catch. Edited November 10, 2010 by D3badge Link to post Share on other sites More sharing options...
Nlatio Turbocharged November 10, 2010 Share November 10, 2010 So that you don't rob a bank and bring the money and get out of the country guilt free coz gahmen nv say need to declare. If not wrong 30k and above need to declare. I wonder got ppl put $29,999 in suitcase and fly off anot.... well suitcase is S$29,999.... but his pocket still got S$1 coin... so opps.... ↡ Advertisement Link to post Share on other sites More sharing options...
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