Documentation Required for Individuals Carrying More Than USD 10k

Photo: Celyn Kang

Minister of Homeland Security and Technology Ali Ihusaan has revealed regulations mandating individuals carrying over USD 10,000 abroad to provide documentation on the source of funds, effective immediately, aimed at controlling cash exports from the Maldives.

Speaking at a press conference convened by the Home Ministry and its affiliated agencies, Minister Ihusaan outlined amendments to the Customs Cash Declaration Rules, necessitating a transparent account of how money surpassing the designated threshold was acquired.

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Ihusaan highlighted that previously, individuals were only obligated to declare sums exceeding USD 10,000 during travel. However, international protocols mandate a more rigorous approach, requiring travelers to elucidate the origins of such funds henceforth.

Concerns were raised over the influx of foreign labourers transporting significant sums abroad on a weekly basis. Minister Ihusaan underscored the imperative to curb such practices, indicating that both foreign nationals and citizens would be subject to stringent scrutiny. Any unexplained funds would be withheld pending thorough declaration within the bounds of the law.

“Our measures have resulted in a notable reduction in large cash transactions, signifying a step towards enhanced financial transparency,” remarked Minister Ihusaan.

Offering insight into the enforcement of the revised regulations, Customs Deputy Commissioner General Ibrahim Mafaz elucidated that reporting protocols for cash imports and exports have long been in effect. However, he acknowledged challenges in expediting legal proceedings and addressing procedural complexities.

Mafaz emphasised the need for expeditious administrative actions against violators, affirming that the revised rules aim to streamline enforcement procedures and facilitate criminal investigations.

“The amendments aim to expedite administrative actions and enhance the efficacy of criminal investigations, thereby ensuring adherence to regulatory standards,” concluded Deputy Commissioner

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