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Philippines tightens measures against cash smuggling

The Philippine House of Representatives has endorsed the "Anti-Bulk Foreign Currency Smuggling Act" (House Bill 8200) for Senate approval, aimed at tightening the country's measures against the transit of large amounts of cash to and from the Philippines. The bill seeks to preserve the integrity of the Philippines' monetary system and prevent the country from being a conduit for money laundering. The bill requires a declaration for cross-border transfers exceeding USD10,000 and defines smuggling as transfers exceeding USD200,000. It sets penalties for smuggling offenses and makes smuggling a predicate offence to money laundering. This legislation aims to enhance the country's international financial reputation and facilitate cheaper and easier remittances for overseas Filipino workers, who have faced challenges due to the Philippines' inclusion in a global watchdog's grey list.


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