#98-525Modernization of Customs Codes and Financial Transfer Control in Overseas Territories
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law updates and modifies customs regulations for French overseas territories and specific regions like New Caledonia. It aims to modernize the legal framework concerning customs and financial transfers with foreign countries, affecting how goods are regulated and traded in these areas. The law requires compliance in declaring significant financial transfers and adjusts the application of certain customs articles to fit local conditions.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Updates customs regulations for New Caledonia and other territories.
- Mandates declaration of large financial transfers to and from foreign countries.
- Adapts certain customs articles for local conditions to improve enforcement.
Obligations
What this law requires
Physical persons must declare all sums, securities, or valuables transferred to or from foreign countries without intermediation by organizations subject to the law of January 24, 1984, or organizations cited in Article 8 of that law
Declare each financial transfer exceeding 50,000 F (for Mayotte and Saint-Pierre-et-Miquelon) or 900,000 F CFP (for New Caledonia, French Polynesia, and Wallis-and-Futuna) separately
Failure to declare required financial transfers constitutes an offense prosecuted and penalized as customs violations, subject to confiscation of funds in violation and/or a fine equal to the maximum amount of the sum involved in the offense or attempted offense
All foreign products must satisfy origin marking obligations imposed by applicable legislation before entry or warehouse storage in New Caledonian territory
Counterfeit goods, merchandise bearing false marks of origin, foreign wines without country-of-origin marking, and foreign merchandise not meeting legal requirements are permanently prohibited from transit in New Caledonia