ANTI-CASH SMUGGLING. Davao City 1st District Rep. Paolo Duterte (left) filed the "Anti-Bulk Cash Smuggling Act of 2020" which mandates that any person must declare through proper reporting the amount of cash or monetary instruments worth PHP500,000 or more that will be transported within and outside the country. House committee on appropriations chairman and ACT-CIS Rep. Eric Yap co-authored the proposed measure. (Photo courtesy of the office of Rep. Paolo Duterte)
DAVAO CITY – Amid the controversy of the hundreds of millions of dollars allegedly brought in by Chinese nationals into the country, Davao City 1st District Rep. Paolo "Pulong" Duterte filed a bill penalizing bulk cash smuggling into the country.
In a statement on Monday, the presidential son said House Bill 6421-- or the "Anti-Bulk Cash Smuggling Act of 2020 -- mandates that "any person shall declare through proper reporting the amount of cash or monetary instruments worth PHP500,000 or more that will be transported within the Philippines and outside of the Philippines."
ACT-CIS Representative Eric Yap co-authored the measure.
The younger Duterte lamented how travelers to other countries are required to undergo security questioning when they bring more than USD10,000 cash, while travelers entering the Philippines only have to declare it through the declaration form upon arrival.
“Since it would be difficult to trace and document cash transactions, the money brought in into the country may be used for illegal activities. Thus, there is a significant need to increase our vigilance over money laundering,” the lawmaker said.
Authorities say that Chinese nationals brought in a total of USD368 million to the country since mid-2019.
Under Duterte's bill, those planning to transport huge amounts of money will also have to secure a clearance from the Bangko Sentral ng Pilipinas prior to travel.
Also, the bill seeks to impose a fine and not exceeding PHP500,000 and imprisonment of less than five years for any "person who intently evades proper reporting requirement and knowingly conceals cash amounting to PHP500,000 or more."
The proposed measure also seeks the immediate forfeiture of the smuggled bulk cash.
“Government officials or employees who conspire with others to violate provisions of the proposed measure shall be punished with a fine not less than PHP50,000 but not more than PHP200,000 and will suffer imprisonment of six months to not more than one year,” the lawmaker said.
The bill also provides that the individuals instrumental in the discovery and seizure of smuggled cash "shall receive a cash reward equivalent to 1 percent of the total amount of the cash smuggled or PHP200,000, whichever is lower." (PNA)
