Govt to improve cash declaration process, inquiries for USD 10k above

Velana International Airport (VIA); the main air gateway of the Maldives -- Sun Photo/ Fayaz Moosa

Minister of Homeland Security and Technology Ali Ihusan on Sunday said for cash wads exceeding USD 10,000 brought from aboard, will be subject to an income declaration procedure.

At Sunday's press conference, the minister said Maldives loses several thousands in US dollars every time foreigners fly in and out of the country.

He said the government will once again amplify a robust cash declaration system, to ensure origin of large cash bundles taken by travelers.

"Whether it is a local or a foreigner, if they are carrying more than USD 10,000 on their hand, they will be held up for inquiry and once they sufficiently produce declaration for the money, they will be able to proceed ahead with the money," Ihusan added.

The minister further announced that other means of outbound foreign currency from the Maldives have all been eliminated now.

Issues related to outbound cash transfers are often flagged, with majority of these transactions falling within money laundering rackets.