UAE toughens money declaration rules

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From September?onward, those entering UAE will be required to declare large amounts of money as a part of an effort to improve monitoring of suspicious cash flows. Ever since the September 11 attacks in the US; Dubai- the finance hub has been fighting a reputation as a haven for money laundering and drew attention to the relative ease of moving money through the city.

“The UAE… has put in place a strong legal, regulatory and institutional framework to counter money laundering and combat terrorist financing and thereby protect its institutions from any reputation risk,” Central Bank Governor Sultan Nasser al-Suweidi told a conference on the new measure.

It is learnt that this new regulation will be applicable to passengers arriving?in the country. The minimum declaration amount in line with the international standards would be cash and bearer instruments such as cheques from Dh40,000?to Dh100,000 or the equivalent in foreign currencies.

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