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by Venesha Johnson | Associate Writer
Whether you are visiting Jamaica for business or pleasure, the amount of cash you can take with you has a limit. There are a few things that you should know.
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The island's airports' customs departments encourage anyone with more than US$10,000 to declare it when they arrive. Individuals entering the nation are required by customs legislation to declare any currency or monetary instruments worth more than USD 10,000 or the equivalent.
While entering the island with USD 10,000 may not be illegal, not declaring it also has repercussions. If someone is found guilty of making a false declaration in violation of Section 209 of the Customs Act, they could face a fine of up to $500,000 or three times the value of the items involved in the offence, whichever is higher.
You will also need to declare items when:
Jamaica's parliament approved the Proceeds of Crime Act in 2007. (POCA). The Act provided provisions for the forfeiture of all properties, amassed money through the courts, and abolished and replaced the Drug Offences Forfeiture of Proceeds and Money Laundering Acts.
POCA limits cash transactions with financial institutions to $1 million. Therefore, it is against the law for anyone to pay or receive more than $1,000,000 (J$1,000,000.00) in cash for any financial transaction involving many payments.
According to POCA, all payments above J$1 million made for products, including those made for motor vehicles, wholesale goods, jewellery, building supplies, or services, as well as payments made to settle debts or other amounts owed, must be made through non-cash methods.
These include chequing, using a credit card, and making electronic transfers. In the absence of this, both the vendor and the buyer risk being found in violation of the law and being imprisoned.
This means that transactions involving cash above J$1 million should only be made with banks, merchant banks, building societies, Cambios, or other legally recognised institutions.
Deciding between taking cash or a card to Jamaica? Read this article for more insight.
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How Much Cash Can You Carry Legally In Jamaica? | Written: December 1, 2022
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