TRA: Cross border currency declaration does not intend to prohibit cash money movement

Non declaration or false declaration of the prescribed amount is an offence punishable by law, the authority said.

TRA: Cross border currency declaration does not intend to prohibit cash money movement

Non declaration or false declaration of the prescribed amount is an offence punishable by law, the authority said.

02 November 2017 Thursday 14:05
TRA: Cross border currency declaration does not intend to prohibit cash money movement

By Azania Post Reporter

THE Tanzania Revenue Authority (TRA) has insisted that the cross border declaration of currency is not intended to prohibit movement of cash money

A statement issued by the authority said it is implementing the Anti-Money Laundering Act, Cap 423 and the Anti-Money Laundering (Cross-Border Declaration of Currency and Bearer Negotiable Instruments) Regulations, 2016.

Through the law, TRA is mandated to administer cross border declaration of currency and bearer negotiable instruments.

It further said all people who will be travelling outside Tanzania with physical foreign currencies equal to or above USD 10,000 or its equivalent in local shillings will have from now on wards required to fill in special forms to be issued by customs offices at entry or exit point.

This is in respect of cross border physical transportation of currency or bearer negotiable instruments equal to or above stated amount or its equivalent in Tanzanian Shillings or any foreign currency by any person or in that person’s accompanying luggage or vehicle.

According TRA shipment of currency or bearer negotiable instruments through containerized cargo; and the mailing of currency or bearer negotiable instruments by natural or legal person will have to be scrutinized.

Already the authority has started to implement an exercise through its announcement made early October this year which stated that :Any physical transportation of currency and bearer negotiable instruments equal to or above the prescribed amount shall be declared by filling declaration forms issued by Customs Officers at entry or exit points.

Non declaration or false declaration of the prescribed amount is an offence punishable by law, the authority said.

Azania Post

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