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UAE set to enforce fund declaration for visitors

posted on 07/01/2002: 856 views


The UAE is all set to enforce a declaration system for visitors as part of a crackdown on money laundering to support an all-out international drive against terrorism. The Central Bank has finished discussion with the customs authorities on the system, under which passengers must declare their funds if they are in possession of a minimum sum of Dh40,000 (US$10,900).



"We have presented the draft law for the declaration system to the customs authorities. It is with them now and they will take a decision on its implementation," Sultan bin Nasser Al Suwaidi, Central Bank governor, told reporters at a stock markets conference yesterday.



Al Suwaidi gave no details of the declaration system, but Central Bank officials said recently it would apply to mail parcels and other shipping means. It would also target persons above 18 years as passengers below that age are not supposed to carry that sum if they are not accompanied by their parents.



The declaration system is part of a draft law issued by the UAE last year to combat money laundering. Al Suwaidi said last week the law could be enforced in January once it is endorsed by His Highness President Sheikh Zayed bin Sultan Al Nahyan and the Supreme Council Members. (The Gulf News)

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