Dubai: The UAE has introduced new regulations that will require those leaving the country to declare large amounts of money from September as part of an effort to improve monitoring of suspicious cash flows, a senior official has said.

"The UAE has put in place a strong legal, regulatory and institutional framework to counter money laundering and combat terrorist financing and thereby protect its institutions from any reputation risk," Central Bank Governor Sultan Nasser Al Suweidi said.

The current regulation only applies to arriving passengers.

The central bank said it is also bringing the minimum declaration amount in line with international standards, raising the requirement to declare cash and bearer instruments such as cheques to USD 27,230 (100,000 dirhams), or the equivalent in foreign currencies, from USD 10,889 (40,000 dirhams).

 

(Agencies)