Photo credit: Post Courier
PNG Customs services and Bank of Papua New Guinea today launched a Joint initiative cross border movement currency valuables form (CMCV) in Port Moresby, it is a mandatory document for all international travelers that will be implemented starting on the 1st of December,
PNG Customs ramped up its services and have developed a standard operating procedure which will come into effect on the 1st of December that will see all travelers complying with. This initiative is to prevent the smuggling of money and other valuable items in and out of the country. PNG Customs Deputy Commissioner Benjamin Sine highlighted the importance of the document by stressing on its functions.
"This document is very significant and important and it's discussed everywhere else as well in terms of in reducing issues such as Money laundering and also major crimes such as the funding of terrorist activities"
He further emphasized on the laws that will be implemented to govern the movement of certain valuable items.
“There are laws in place that govern the operations if what we do in this country, in terms of money gold, silver or any other precious items that will be taken out of this country, you have to comply with all laws and requirements that governs the movement of this precious items, so I believe that our team from Bank of PNG also have other requirements that you will have to comply with, and we will make it known to the travelling public that these are laws that are in place." Said acting commissioner Sine.
Bank of PNG's Financial Analysis & Supervision Unit, Acting Director, Wilson Onea also explained on how they can proceed on having a declaration system in place for action items such as currencies over the value of twenty thousand being brought in and out of the country. He also highlighted the importance of the CMCV forms.
"Our technical team has been working behind the scenes to develop these forms to ensure that Papua New Guinea does comply with international standards or best practices when it comes to protecting and securing our borders and our future" said FASU's acting director Mr Onea.
