Gov’t To Curtail Illegal Entry Of Money Into Liberia
The financial Intelligent Unit (FIU) has begun implementing several regulations on cross borders 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 the 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 comply 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 10,000usd and investigate the legality of the money as applied by law.
He disclosed that many people are in the habit of traveling with huge amount 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 has direct impact on fiscal policy and monetary policy highlighting “it ensure stability in price level, ensure that taxes are collected and the relevant authority to be aware on what is going out and what is coming in the country”
The 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 commence the training of its staff and deploy them at various entry point in the country to effectively regulate the movement of currency in the country