Authorized undeclared cash amount decreased to USD 10,000

Maldivian currency notes at a counter of Maldives Monetary Authority (MMA). | Photo: Mihaaru

Male’, Maldives – Undeclared cash that can be transported in and out of Maldives has been decreased to USD 10,000.

Under the law to stop money laundering and financing terrorism, a certain amount of cash being transferred to and from Maldives should be informed to the customs office of Maldives.

While the initial instructions given by the Maldives Monetary Authority (MMA) states that cash amounting up to USD 20,000 (MVR 308,000) or more should be informed to the relative authorities before transporting, MMA made amendments to the law by decreasing the amount to USD 10,000 (MVR 154,000).

The amended statement states that all citizens must inform Customs if they are transporting cash above USD 10,000 (or more) in and out of the country. In addition to this, if any citizen gives false information or if the cash is suspected to be related to a crime, Customs will have the authority to take over the cash.

Recently, MMA informed all banks to limit the amount of cash that is taken out of the bank as a way to reduce the amount of cash being used in the country.