Saturday, August 20, 2022
Penalty for non-disclosure of 60,000 riyals or above, while traveling into or from Saudi Arabia
The lawyer specialized in financial cases in Saudi Arabia, Assem Al-Issa, highlighted that whoever owns more than 60,000 riyals during his travel and does not disclose it, he will be punished with a fine of up to 25% of the amount and 50% for the second time. Trending : Cancellation of the requirement of Corona insurance for children while traveling abroad
During his interview with Al-Ekhbariya channel, Al-Issa said that any traveler, whether Saudi national or expatriate must report the money in his possession, if it is more than 60,000 Saudi Riyals.
- He added that, there is a difference between non-disclosure and money laundering, hiding money is a presumption of concealing the source. If the source of money is legal, it must be disclosed, especially since customs facilitated disclosure procedures. See Also : Only small quantities of imported items allowed for individuals
- The Lawyer further said that, if the source of the money is unknown, then proof of legality of the money must be done so that the person does not fall into the category of money laundering.
- As per the Anti-Money Laundering Law of Saudi Arabia, every person who enters into or exits from Kingdom and is in possession of coins, bearer negotiable instruments, gold bars, precious metals, gemstones, worked jewelry or arranges transportation of these items inside or outside Saudi Arabia, by any courier or freight service or through others, with a value of 60,000 riyals or above, or the equivalent of these amount in foreign currencies to provide an acknowledgement of this. Read : Travelers To and From Saudi Arabia must disclose their financial value exceeding the permissible limit
- The Zakat, Tax and Customs authority (ZATCA) of the Kingdom may request additional information from the person about its source or the purpose of its use.
