Director of the Office of National Drug and Money Laundering Control Policy (ONDCP) Colonel Edward Croft said the notice is aimed at enhancing the efficiency of the organisation and is a means of tracking cross border movement of currency.
Colonel Croft said the notice is in line with the Money Laundering (Prevention) Act 1996 which makes it illegal for people to have on their person the equivalent of US $10,000 in cash or bearer bonds or the equivalent in any currency.
The director said the “notice should serve as a reminder and a means of educating the public and sensitising them of the need to be aware of their obligations under the law.”
Currently the signs are located only at the airport, but the head of the ONDCP said plans are afoot to have similar signs installed at other ports of entry.
Asked if this move is prompted by non-compliance among passengers, Colonel Croft said, “It has always been a desire of ours to ensure there is adequate signage in place so that persons who are arriving or departing would know their obligations under the law.”