Domestic and foreign travellers must now declare cash in their possession above the threshold of R100 000 when crossing the country’s land and seaports, says national financial intelligence unit the Financial Intelligence Centre (FIC).
From July 1, travellers crossing any of the country’s air, land or sea borders and who have in their possession cash, goods, currency and/or bearer negotiable instruments above the threshold of R100 000 will be required to declare this through the Customs and Excise traveller management system.
The new reporting stream, called cash conveyance reporting, or CCR, signals a significant enhancement in efforts to stem illicit movement of money across South Africa’s borders, the centre says.
The proclamation of July 1 as the start date of Section 30 of the FIC Act was gazetted on June 5.
This entry into force of the new section also activates the responsibility for Customs and Excise of the South African Revenue Service (SARS) to receive such declarations made by travellers and make them available to the FIC, the centre says.
