The National Customs Authority (ANA) of Panama seized over $10,300 in cash from a traveler arriving at Panama Pacifico airport on a commercial flight from Havana, Cuba. Although the authorities did not disclose the traveler's nationality, it was reported that the individual declared carrying only $9,900 on their sworn declaration. However, a thorough inspection revealed otherwise.
According to Telemetro, customs officers discovered an extra $8,321 hidden in personal luggage and additional euros in the traveler’s wallet, amounting to $2,043.51 when converted. This brought the total undeclared cash to over $10,300, a clear violation of Panama's regulations on cash declaration.
The ANA stressed the critical importance of accurately declaring cash upon entering the country as a vital measure against money laundering and illicit currency trafficking. Authorities urged all travelers to adhere to these rules to avoid penalties.
This incident highlights the stringent controls in place at Panamanian airports and underscores the need for travelers to be more aware of existing regulations. According to the country's laws, travelers can enter with any amount of money, but they must declare amounts exceeding $10,000 or its equivalent in other currencies, including traveler's checks, bonds, or other documents. "This is solely for control purposes, and the declaration must be made even if the money was previously deposited at the airport bank," the regulations state. In contrast, the Cuban government restricts the export of more than $5,000 from the country.
Understanding Panama's Cash Declaration Regulations
What are the cash declaration requirements when entering Panama?
Travelers entering Panama must declare any cash amount exceeding $10,000 or its equivalent in other currencies, including traveler's checks, bonds, or other financial documents. This is to monitor and control money entering the country and prevent illegal activities.
Why was the traveler from Cuba detained in Panama?
The traveler was detained because they failed to declare the full amount of cash they were carrying, which exceeded $10,300, violating Panama's regulations on cash declaration.