Maldives tightens regulation on declaring cash on departure
According to Ihusaan, departing passengers carrying that much cash would now be required to provide proof of funds.
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Summary
According to Ihusaan, departing passengers carrying that much cash would now be required to provide proof of funds.
Government has tightened the regulation on the declaration of cash upon departure from the island nation.
Departing passengers are required to declare cash equivalent or above $10,000.
Homeland security minister Ali Ihusaan however, told reporters on Sunday that the regulation on cash declaration had been rather weak.
"...earlier when a person carrying $10,000 or more just needs to say that I'm taking this much dollars out of the country. That was considered as a declaration," Ihussan said.
However, the minister noted that there were internationally recognized norms to regulate foreign currency outflow which Maldives will follow from now.
According to Ihusaan, departing passengers carrying that much cash would now be required to provide proof of funds.
This will ensure the country to limit unchecked foreign currency outflow, he added.
