The Canada Border Services Agency says officers at the Lansdowne port of entry recently seized more than $11,000 Canadian in undeclared currency from a U.S. traveller.
According to the agency, the money was discovered inside the traveller’s vehicle and was seized as suspected proceeds of crime. No additional details about the individual involved were released.
The CBSA is reminding travellers there are no restrictions on bringing large amounts of money into or out of Canada, but any currency or monetary instruments valued at $10,000 or more must be declared when crossing the border.
Officials say the reporting requirement applies to cash, cheques, money orders, bank drafts, traveller’s cheques, stocks, and bonds. The rules also apply when money is sent by mail or courier.
The CBSA says failure to declare funds can result in the seizure of the entire amount, with penalties ranging from five to 50 per cent of the money seized. Funds suspected of being connected to criminal activity or terrorist financing may not be returned.
Information gathered through declarations is shared with FINTRAC to help combat money laundering and organized crime.
(By: Tim Baltz)
