Travelling to Saudi? Declare Cash and Gold Above SR40,000 Under New Rules

Saudi Arabia has lowered the mandatory declaration threshold for cash and valuables carried through its land, sea and air ports from SR60,000 ($16,000) to SR40,000 ($10,600) under updated executive regulations to its Anti-Money Laundering Law.

Published in the official gazette Umm Al-Qura, the revised rules require travellers entering or leaving the Kingdom to submit a written declaration if they are carrying cash, bearer negotiable instruments, gold bullion, precious metals, gemstones, jewellery or similar valuables worth SR40,000 or more, or the equivalent in foreign currency.

The amendments also give the Zakat, Tax and Customs Authority (ZATCA) broader powers to inspect individuals, vehicles, shipping containers and postal parcels within customs zones, whether arriving in or departing from the Kingdom.

Under the new regulations, ZATCA may seize undeclared or falsely declared cash, bearer negotiable instruments, gold bullion, precious metals, gemstones or jewellery for up to 72 hours if authorities suspect a link to a predicate offence or money laundering, even if the value falls below the mandatory declaration threshold.

The authority must document every seizure, conduct preliminary inquiries into the origin of the assets and the reasons for non-declaration or false declaration, and deposit seized currency into a designated trust account while retaining precious metals and gemstones under customs custody.

The Public Prosecution may extend the seizure period by up to 60 days, with any further extension requiring approval from the competent court.

Travellers carrying gold bullion, precious metals, gemstones or jewellery worth SR40,000 or more must also present purchase invoices to customs officials for valuation. If the items are found to be intended for commercial purposes, they will fall under the Unified Customs Law and its executive regulations.

The amendments further strengthen anti-money laundering compliance obligations for financial institutions by requiring group-wide information-sharing policies to support customer due diligence and risk management, while maintaining confidentiality and complying with personal data protection laws.

Financial institutions and designated non-financial businesses and professions must also identify the ultimate beneficial owner of legal entities, including any natural person who owns or controls 25 per cent or more of an entity, or exercises effective control through other means.

The regulations also require Saudi financial institutions operating overseas to apply the Kingdom’s anti-money laundering requirements wherever possible and to notify Saudi regulators if local laws prevent compliance.

Violations of the declaration rules carry financial penalties ranging from 10 per cent to 25 per cent of the value of seized assets for a first offence, provided there is no suspicion of money laundering or another underlying crime. Repeat violations may attract fines of up to 50 per cent of the seized amount.

Where authorities suspect the seized assets are linked to money laundering or another predicate offence, the case must be referred to the Public Prosecution for investigation, with the Saudi Financial Intelligence Unit notified immediately.

 
 For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004. Follow The Law Reporters on WhatsApp Channels.