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Iran applying new system to combat money laundering

Finance Materials 16 November 2020 20:30 (UTC +04:00)
Iran applying new system to combat money laundering

BAKU, Azerbaijan, Nov. 16

By Elnur Baghishov – Trend:

A new system has been applied in Iran’s Imam Khomeini Airport beginning from November 10, 2020, related to the foreign currency that passengers can take with them when traveling to Iran and when leaving the country, an official of Islamic Republic of Iran Customs Administration (IRICA) Reza Gholi said, Trend reports citing IRICA.

The official stressed that this system will be applied in other Iranian customs in the next two months.

Gholi added that the main purpose of applying of this system is to combat money laundering.

"Thus, every foreign citizen who travels to Iran must declare all the sum of up to 10,000 euro or other currencies that equals this amount in the new customs system. If the amount is over 10,000 euros (or that of foreign currency equaling 10,000 euros) the additional funds will be researched by Iranian customs officers, handed over to Bank Melli Iran, and upon a citizen's leaving the country, will be returned to him/her," he said.

The official also noted that every Iranian citizen who leaves Iran via airways is allowed to take a maximum of 5,000 euros or other currencies that equals this amount.

According to Gholi, every Iranian citizen who leaves Iran through other ways (via land or sea) can take with them a maximum of 2,000 euro or other currencies that equals this amount.

"If citizens take more currency than the specified amount and don’t declare it to customs office, that currency will be considered smuggling and those persons will be prosecuted," he added.

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