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Iran steps up anti-money laundering push

Xinhua, November 21, 2016 Adjust font size:

The Central Bank of Iran (CBI) said on Monday it has issued a directive obliging travellers and transit drivers entering the country to declare any currency valued over 10,000 U.S. dollars.

The law is in line with international anti-money laundering regulations, the CBE said.

According to the new regulation that comes into effect on Monday, bringing in less than 10,000 U.S. dollars - or its equivalents - is not subject to reporting obligations.

Travelers carrying over 10,000 U.S. dollars of cash need to refer to Iran's Customs Administration upon entering, the bank said, adding that they would be asked to go to a border or airport branch of Bank Melli Iran (BMI) where they would hand in the excess amounts they possess and receive a receipt.

The travellers can either receive their hard cash back or sell it to the BMI at the market price rates.

Any cases of illegal cash transfer will be referred to the courts by the Iranian Ministry of Economy's Financial Intelligence Unit (FIU) and the money will be kept with the Bank Melli Iran until the court issues a verdict.

The CBI statement also notes that moving large amounts of foreign exchange out of the country requires a permit from Iran's Customs Administration.

Applicants should fill out a form at the Customs Administration website in order to specify the exact amounts they want to take out as well as the currency unit. Endit