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MMA caps import, export of undeclared cash at USD 10,000

Shahudha Mohamed
23 December 2020, MVT 20:36
Maldives Monetary Authority (MMA)'s main office building in capital Male. PHOTO/MIHAARU
Shahudha Mohamed
23 December 2020, MVT 20:36

Maldives Monetary Authority, on Tuesday, lowered the amount of cash that can be imported or exported from Maldives without prior declaration to USD 10,000.

Under the Prevention of Money Laundering and Financing of Terrorism Act, it is illegal to import and export cash exceeding a certain amount without notifying Maldives Customs Service.

Previously, the rules drafted by Maldives’ central bank MMA, had placed the aforementioned value at USD 20,000.

However, as per Tuesday’s amendment, any amount of cash exceeding the value of USD 10,000 must be declared at Customs, even if it is MVR or other foreign currency.

Customs has the power to seize the money if false information is given about the cash, or if authorities have reason to believe the cash could be linked to a crime.

Prior to this, MMA had also put a cap on the amount of cash that can be withdrawn from banks and financial institutions at MVR 200,000 per day. According to MMA, this move aims to reduce the amount of cash in circulation.

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