Central Bank, Maldives Monetary Authority (MMA) has brought changes to the regulation on cross border currency declaration amount.
The changes were brought to the regulations under the Prevention of Money Laundering and Financing of Terrorism Act. As per the initial regulations established in 2015, passengers travelling with USD 30,000 or more to and from Maldives are required to report the amount. However, as per the new amendment, amounts above USD 10,000 must now be reported to Maldives Customs Service.
The changes under the amendment will take effect from January 17, and will be applicable on all amounts of foreign currency equivalent to USD 10,000.
