Cross Border Movable Money
Cross-border movable money is considered one of the most dangerous methods and techniques that the criminals employ in money laundering and terrorist financing internationally. As criminals or terrorists fund their activities or launder their criminal proceeds by transferring money across the borders, then conceal or disguise the criminal sources of their proceeds and transferring it from one location to another. For that reason, cross-border movable money is considered an international cross borders crime, since the proceeds are transferred from one country to another through border crossings.
Therefore, it was necessary to adopt procedures and preventive measures that can assist in the prevention and combating of these crimes. Such measures and procedures represented by appropriate laws to prevent and deter money launderers and terrorist financiers from utilizing this method or technique.
Based on the great importance of adopting measures appropriate to combating money laundering and terrorist financing, the Financial Action Task Force (FATF) issued the Special Recommendation Ninth to serve as a basic framework that all countries adhere to in view of the detection and eliminating transactions of money laundering and terrorist financing. The FATF Special Recommendation Ninth pointed out the necessity to develop a system related to physical cross-border movable money for currency and bearer negotiable financial instruments as well as gold, precious metals and stones. Moreover, countries should have a declaration system or any other form of commitment to declare; which are two systems: declaration and disclosure systems.
As for procedures adopted by the Kingdom in this regard, the National Anti Money Laundering Committee has approved, on 7/8/2008, cross-border movable money declaration form and the threshold of money that is not subject to declaration in cross borders movement to be (15000) JODs or equivalent in foreign currencies. On 21/4/2009, the Committee also approved the necessity to initiate activation of the cross-border movable money declaration form after applying some amendments on the form, where a committee chaired by the Chief of the Anti Money Laundering Unit was formulated to develop the appropriate implementation mechanism.
Consequently, a cross-border movable money committee was formulated with the membership of the Anti Money Laundering Unit, Customs Department and relevant securities authorities to function in accordance with the National Anti Money Laundering Committee recommendations. Where the Cross-border Movable Money Committee decided to:
Conduct an on-site visit to three border crossings (Jaber Border Crossing, Queen Alia International Airport and Aqaba Passengers Station) in order to develop an appropriate mechanism to implement provisions of Articles (20 and 21) of the Anti Money Laundering Law No. (46) for the Year 2007 pertaining declaration of cross-border movable money.
To clearly publicize declaration locations to those carrying more than (15000) JODs or equivalent in foreign currencies and obligation of arrival travelers subject to the declaration threshold to obtain and fill out the form.
The Unit also took necessary procedures to print out the declaration form in adequate copies and to prepare information signs necessary to inform arrivals on this subject. The Unit also coordinated with the Customs Department to disseminate copies of the form on the Kingdom’s border crossings, while information signs to the arrivals obligation to declare cash of more than (15000) JODs or equivalent in foreign currencies in accordance with the cross-border movable money form. Signs also indicated that the arrivals will be held legally accountable in case of failure to declare the cross-border movable money or providing false information in this regard pursuant to the provisions of Article (21) of the Anti Money Laundering Law No. (46) for the Year 2007