What Travelers Need to Know: Jamaica’s Financial Declaration Rule

Taking a lot of money with you in the land of Jamaica? Spot a rule that you cannot ignore. It’s advisable to declare it in case you are moving around with more than $10,000 because it is forbidden at the border.

It applies in every case, whether the money involved is in the form of cash, cheque, bill of exchange, note, promissory note and in fact every kind of negotiable instrument known to the law.

This rule can only be overemphasized according to Garth Williams, Brand Communication Specialist at the Financial Investigation Division (FID). “Saying it does not matter if the money is legal,” he said. He added that this step is necessary to avoid things like money laundering from taking place.

Opposing it can be a tremendous strain and failing to declare can have serious consequences. The individuals who would be found on travel without the necessary disclosure could be prosecuted under the law. This involves being taken to court to explain where the money is coming from.

However, Jamaica takes this process seriously as a measure in protecting its economy. Actually, the declaration requirement is not about emasculating your financial freedom in any way.

Instead, it is more about the fact that the particular travel should be transparent. Government officials want to be certain about sources of funds necessary for business.

This serves the purpose of maintaining the flow of ‘Tainted money’ out of the mainstream economy. As a result, Jamaica keeps itself par with the global norms of working against money laundering.

Most travelers should not have anything to be concerned about. Travelers with fair source of income can simply declare it to be legitimate money. Accountability and keeping financial integrity are the major concerns in this approach.

Jamaica is well renowned as a tourist and business travel destination. The country is still growing, and hence its economy has to be shielded from such vices as fraud. This is just one of the numerous steps, leading to the declaration rule which would help to achieve this goal.

Therefore, if you are travelling to Jamaica with cash balance over the prescribed amount in any currency, you will be required to declare it. It involves a very easy procedure, one following the law as followed by many other governing bodies.

Most importantly this development assists to guard Jamaica’s economic system with respect to all people.

If you adhere to these guidelines, you will not have a problem and help this country to fight financial criminals. Transparency is to be the foremost key, and it all initiates with responsible travelers.