CFE – Law — Question 34

Countries A and B both follow the Financial Action Task Force (FATF) Recommendations concerning cross-border transfers of currency. Trevor is traveling from Country A to Country B while carrying $16,000 in cash, which exceeds Country B’s reporting threshold. Trevor is required to disclose the amount of currency he is carrying to authorities in Country B.

Answer options

• A. True
• B. False

Correct answer: B

Explanation

The correct answer is B because Trevor is not required to disclose the amount of currency he is carrying if it does not meet the threshold for reporting in Country B. The reporting requirements vary by country, and in this case, it appears that Trevor may not be obligated to report the amount he is carrying.