The Jamaica Customs Depart-ment will be introducing a J$2 million limit on cash transactions for the payment of duty as of November.
Commissioner of Customs Major Richard Reese said all cash payments for duty in excess of this amount must be accompanied by a disclosure of the source of the funds.
This has become necessary, he said, "because of the large volumes of cash that are being tendered and we have to be mindful of the Proceeds of Crime Act. Therefore, if persons exceed the limits that we will be imposing, they will have to make the necessary declarations," Reese said at the annual Jamaica Chamber of Commerce customs seminar last Thursday, September 27.
Reese said the J$2 million limit would be reviewed at a later date with the aim of reducing the figure to meet international standards.
The commissioner also said that the department would be conducting a review of the Customs Act to crack down on underinvoicing.
He said underinvoicing and false declarations were a threat to legitimate trade.
The Customs Department collected an additional J$276.6 million after revaluing underinvoiced imports for the period April to August. Of this amount, J$172.4 million was generated from general cargo, while motor vehicles yielded J$104.2 million.
Persons who are found to have underinvoiced their goods can be fined up to three times the value of the duty on the goods.