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Assem Al-Issa, a Saudi Arabian attorney who specializes in financial matters, stressed that anybody who has more than 60,000 riyals while traveling and fails to reveal it risks being fined up to 25% of the amount and 50% the second time.
Al-Issa stated in an interview with Al-Ekhbariya channel that every traveler, whether a Saudi native or an expatriate, must declare any money in their hands if it exceeds 60,000 Saudi Riyals.
He continued by saying that there is a distinction between non-disclosure and money laundering, and that hiding money implies obscuring its source. Even more so now that customs have streamlined disclosure processes, it is required to reveal the source of lawful funds.
The attorney said that if the source of the money is unclear, it is necessary to demonstrate its legitimacy in order to prevent money laundering on the part of the subject.
According to Saudi Arabia’s Anti-Money Laundering Law, anyone entering or leaving the country with currency worth 60,000 riyals or more, or the equivalent in foreign currencies, must present an acknowledgement. This includes coins, bearer negotiable instruments, gold bars, precious metals, gemstones, and worked jewelry. They also must arrange for the transportation of these items inside or outside Saudi Arabia by any courier service or freight company.
The Zakat, Tax and Customs authority (ZATCA) of the Kingdom may ask the individual for more details on the item’s origin or intended usage.
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