Amendments Brought to Monetary Laws

Maldives Monetary Authority (MMA) has published on the national gazette, the second amendment to the Regulation of Cross Border Cash Declaration Amount, which will be effective 17 January 2021 onward.

With this new amendment, the minimum amount of cash to be declared to the Maldives Customs Service has been decreased to USD 10,000 or an equivalent amount in other currencies.

MMA has also brought a series of changes to the Regulation on Remittance Businesses with the publication of it’s first amendment, effective from 22 December 2020.