Iran introduces bulk cash smuggling regulation

Baku, Azerbaijan, Nov. 22

By Khalid Kazimov – Trend:

Those who evade a currency reporting requirement while traveling to or from Iran may face currency-smuggling related charges, an Iranian official has said.

Abdolmajid Ejtehadi, a judiciary official, said that whoever transfers over $10,000 in cash or its equivalent from a place within the Islamic Republic to a place outside the country, or from abroad into the country without declaring it at the country’s customs checkpoints may face the currency-smuggling charges, IRIB reported.

The latest announcement by the country’s Central Bank bans passengers to carry more than $10,000 or its equivalent in cash or other monetary instruments without observing reporting requirements.

The officials have implemented the new regulations since Nov. 21.