The financial Intelligence Unit (FIU) has begun implementing several regulations on cross-border movement of currency.
Addressing the Ministry of Information regular press briefing on Thursday, the Deputy Director General for operations at the FIU, Gabriel Bellepea, said Liberia having subscribed to an international financial task force regulation requires countries to regulate the movement of currency across borders.
Bellepea pointed out that the FIU has put in measures to detect people traveling with money above the threshold.
He explained that to ensure that Liberia complies with international standards, the FIU has begun enforcing the deduction of of 33.3 percent on any undeclared amount that is above the threshold of US$10,000 and investigate the legality of the money as applied by law.
He disclosed that many people are in the habit of traveling with huge amounts of undeclared money so as to avoid paying taxes and because that source of the money is not legitimate.
Bellepea also pointed out that cross border regulations have direct impact on fiscal policy and monetary policy, and that they “ensure stability in price levels, ensure that taxes are collected and that the relevant authorities to are aware of what is going out and what is coming in the country.”
He noted that if monies going out and coming in the country are not declared, it poses serious challenges to the economy and country as a whole.
He note that the FIU is about to commence the training of its staff and deploy them at various entry points around the country to effectively regulate the movement of currency in and out of the country.