USD 10,000 or more will need to be declared to Customs

US dollar bills. (File Photo/Sun)

Starting this Sunday, travelers are required to declare cash value USD 10,000 or more, or its equivalent in local or foreign currency, to Maldives Customs.

The change in cash declaration limit follows an amendment to regulations by Maldives Monetary Authority (MMA) on December 22. The amendment in question took effect this Sunday.

Counter-Money Laundering and Terrorism Financing Act previously set the cash declaration limit to USD 30,000 or more. The Act was amended to lower the limit to USD 20,000 or more last year.