► reading news

Focus UAE

UAE raises cash limit for travellers to AED 100,000

(01/09/2011) Travellers entering or leaving the UAE can now carry up to AED 100,000 in undeclared cash under a new ruling that came into effect today. The regulation, announced in June, marked the first time the UAE had placed a limit on the amount of money that could be brought into the country, in a bid to curb money laundering.

But the decision also more than doubled the amount of money or bearer instruments that arriving passengers could bring into the UAE, from the previous limit of AED 40,000. Sultan Bin Nasser Al Suwaidi, governor of the central bank, said in June the regulation was a reflection of the UAE’s "open economy".

"As a major trading and financial centre, the UAE …  has put in place a strong legal, regulatory and institutional framework to counter money laundering and combat terrorist financing." The limit applies either to dirhams or the equivalent value in another currency.

Dubai, a Gulf trade and finance hub, has been fighting a reputation as a haven for money laundering since the September 11 attacks of 2001 drew attention to the relative ease of moving money through the city.

The emirate was also named as the likely destination for the missing billions of ousted Arab leaders Hosni Mubarak, the former president of Egypt, and ex-Tunisian President Zine Al Abidine Ben Ali.

Most nations place restrictions on the amount of undeclared money that can be brought in and out of the country. According to International Monetary Fund data from 1996, quoted on the website of global anti-money laundering agency FATF, between $590bn and $1.5 trillion is laundered worldwide each year.

In a report last year, FATF highlighted the business-friendly policies of free zones as a risk for money-laundering activities. "The characteristics that makes free trade zones beneficial for legitimate businesses, also makes them highly attractive for illicit actors who take advantage of a more relaxed oversight to launder the proceeds of crime and finance terrorism," the report said.

From: Arabian Business by Joanne Bladd

Discussion

Keine Kommentare

Post a comment

 

HOLDINGS | TRUSTEES | LAW | TAX | FACILITATION | CORPORATE

Welcome to the Web of MCI Counselors Law & Tax - have a good day!

Language

New articles

\r\n (Dubai, 20/10/2014) In August 2014 already, the “so much to UAE committed” foreign bank Standard Chartered announced to exit parts of its SME business in the federat...
\r\n (Dubai & Berlin, 30/09/2014) The increasing “European-ization” of all areas will now also make no longer halt before inheritance. At least, once international ba...
\r\n (Dubai, 04/09/2014) This week the World Economic Forum (WEF) published the results of its annual Global Competitiveness Report (GCR) 2014-2015 with impressive rankings for the U...
\r\n (Dubai, 30/08/2014) Since June/July this year, licensees of Dubai’s DMCC start to rub their eyes when it comes to their annual license renewal. Out of the blue, the Free Z...
\r\n (Dubai, 08/08/2014) MCI offers actually several Shelf Companies, aged between 2yrs, 10mths and 6yrs, 1mth - as per August 2014.\r\n\r\n\r\n\r\n \r\n \r\n \r\n DESCRIPTION\r\n \r\n \r\n ...
\r\n (Hong Kong, 2014-07-27) This month, the first revision of Shanghai Free Trade Zone’s (FTZ) Negative List took place.\r\n\r\n\r\n\r\n Shanghai Free Trade Zone (FTZ) was launched in...
\r\n (Dubai, 14/07/2014) The UAE Ministry of Labour (MOL) has announced that it will stop the usage of the old plastic labour cards & paper contracts starting from July 13, 2014....
\r\n (Hong Kong, 25-06-2014) We found a very interesting BBC documentary about China's debt policy and situation from February 2014, critical as well (of course). But watch yours...
\r\n (Dubai, 13/04/2014) With effect 01/05/2014, Emirates NBD massively increases the required Minimum Balances for its Business Banking Clients.\r\n\r\n\r\n\r\n Emirates NBD, one of UAE'...
\r\n (Dubai, 26/03/2014) Finally, Virtual Currency (VC) Tax Rules - including the most popular, Bitcoin - came to the US on March 25! Several insiders predicted that the government w...

Facebook

Tags