Oman Clarifies Rules For Declaring Cash And Negotiable Instruments At Borders
Oman Customs has clarified the rules for declaring cash or bearer-negotiable instruments at its borders. This move supports national efforts to combat money laundering and terrorism financing. Individuals must declare amounts equal to or exceeding RO6,000, or its equivalent in other currencies, when entering, exiting, or transiting through Oman, according to reports.
The requirement aligns with Article (53) of the Law on Combating Money Laundering and Terrorism Financing. This law was established under Royal Decree No. 30/2016 and Decision No. 1/2017 by the National Committee for Anti-Money Laundering and Counter-Terrorism Financing.
Travelers are required to present valid identification and submit a cash declaration at customs checkpoints. Declarations can be made voluntarily using the electronic cash declaration system before arrival or automatically during customs inspections. Providing false information or failing to declare is a criminal offense under Article (98) of the Anti-Money Laundering Law.
Penalties for non-compliance include imprisonment for up to three years and/or a fine of up to RO10,000. For legal entities, fines may range from RO10,000 to the total value of undeclared funds.
The guidance outlines specific documentation needed for cash transfers involving entry, exit, or transit. Required documents include identification, proof of source of funds, commercial registration for companies, and certified power of attorney if applicable.
Oman Customs stressed that these measures aim to enhance financial transparency and ensure compliance with international standards. They also help mitigate risks associated with illicit financial activities while facilitating legitimate cross-border fund movements.
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