The regulation also limits individuals to the threshold of not more than US$5,000 or L$100,000.
The new regulation is part of measures intended to protect Liberia’s financial system from being abused by financial criminals to fund crimes.
The disclosure was made recently by the Chief Executive Officer of the Financial Intelligence Unit (FIU), Alex Cuffy, when he addressed the regular Ministry of Information Press Briefing in Monrovia.
He revealed that the new regulation obligates individuals to provide customs officials all relevant information or documents to determine the legitimacy of money being carried across the border.
The Financial Intelligence Unit was created by the FIU Act of 2013 to serve as a central national agency for receiving, requesting, conducting preliminary investigation, analyzing and disseminating information concerning suspected proceeds of crime and terrorist property.
The FIU is a member of the Inter-Governmental Action Group against money laundering and terrorist financing in West Africa (GIABA).
The regulations also deal with those on the United Nations list of terrorists and terrorist groups as a means of preventing them access to Liberian space.
Cuffy told the briefing that as part of the implementation mechanism, the process will screen all individuals leaving and entering the country for the sole purpose of tracking violators of the mandate.