Effective 1st September 2011
New measures taken by the government of the UAE to combat money laundering and illicit trading, the UAE Central Bank has established for implementation new regulation which requires travellers entering and departing the UAE declare carrying cash and other financial bearer instruments.
The Central Bank of the UAE has set a declaration ceiling to be UAE Dirham AED 100.000 (One hundred thousand dirhams) or the equivalent in foreign currency cash or financial bearer instruments. Monetary / Financial bearer instruments are travellers Cheques and bearer bonds that can be converted into cash.
A new declaration form will available for this purpose at the UAE airports, seaports and border crossings.
The said ceiling shall apply to a person aged 18 years and above. Cash amounts and monetary/ financial bearer instruments carried by individuals of age not exceeding 18 years should be added to the ceiling allowed to their guardian.
While it is not prohibited for a traveller to bring to and out of the UAE cash amounts and financial bearer instruments of value exceeding the set ceiling, the objective of the new system is to register details of such amounts for compliance purposes.
Regulations Re-Declaration by Travelers Entering or Leaving the UAE Carrying Cash and Monetary/Financial Barriers Instruments
As per provisions of Article (6) of Federal Law No. (4) of 2002 regarding Criminalisation of Money Laundering, the Central Bank is required to establish regulations for declaration by travelers carrying cash amounts which exceed the ceiling set by the Central Bank.
Accordingly, the “Board of Directors of the Central Bank has decided that the ceiling mentioned in the first paragraph shall be AED (100) one hundred thousand or the equivalent hereof in other currencies and monetary / financial bearer instruments i.e if a traveler is carrying cash and bearer instruments of value exceeding the said ceiling, he/she must make a declaration on the appropriate form.
Monetary / financial bearer instruments mean here, travelers’ Cheques and bearer bonds that can be converted into Cash.
1. The said ceiling shall apply to a person aged 18 years and above. Cash amounts and monetary/ financial bearer instruments carried by individuals of age not exceeding 18 years should be added to the ceiling allowed to their guardian.
2. Cash amounts and monetary/ financial bearer instruments crossing UAE borders through shipments, postal parcels or parcels through courier service companies in favour of natural persons, all such shipments shall be declared as per (2) and (3) previously.
3. In the case of cash amounts and monetary I financial bearer instrument coming through shipments, postal parcels or parcels through courier service companies in favour of banks., money changers or other entities (in the form of companies / establishment). All these entities should, be asked before receipt of a shipment or making a shipment to fill in the appropriate declaration form, irrespective of the value of the imported cash/financial bearer instruments or shipped ones.
4. In case no declaration was made cash amounts and monetary /financial bearer instruments their value exceeding the said ceiling were discovered the customs officer in charge should inquire about the reasons for not declaring. If the said officer found the reasons unconvincing be should seize and transfer the amount and any financial bearer instruments to the Attorney General to initiate legal proceedings against the concerned person as per provisions of article (18) of Federal Law No. (4) of 2002 regarding Criminalization or Money Laundering.