ISLE OF MAN: CUSTOMS CASH DECLARATIONS ANNUAL REPORT

The Order Paper for the March sitting of the Island’s parliament (Tynwald) includes a report on cash declarations in the year to March 2019.  Following an amendment of legislation, and the 2016 MONEYVAL evaluation report, from 1 March 2018 it became a requirement for the Treasury to prepare an annual report to be laid before Tynwald summarising declarations or disclosures of imports and exports of cash in excess of the prescribed amount (€10,000), and any seizures of cash made under section 76G of the Customs and Excise Management Act 1986.  Hence, this is the first such report to be prepared.  The requirements to declare or disclose cash were somewhat wider than similar requirements in the UK under EU legislation.  It covers the import or export of cash and includes bringing cash to the Island, or taking it out of the Island, in person or in baggage; sending it or receiving it by post; sending it or receiving it by air or sea cargo; and sending it or receiving it by fast parcel or courier services – and includes cash going to and from the UK, as well as other EU Member States, Channel Islands and other third countries.  “Cash” also includes other apparently non-cash items, such as stored-value cards, forged or counterfeit money, and any other document, coin or device representing cash.  In the year in question there were 15 cash declarations – 5 related to importations totalling £286,178; 8 related to exportations totalling £349,839; and 2 related to commercial institutions repatriating Manx and UK currency.  There were no seizures of cash during this period.

http://www.tynwald.org.im/business/opqp/sittings/20182021/2020-GD-0006.pdf

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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