19 November 2016
TEHRAN (CBI PR dept) – In order to eliminate any means of circumvention of the existing laws, the Central Bank of Iran has issued a directive obliging travelers and transit drivers entering the country to declare any currency valued over $10,000 to the Ministry of Economy's Financial Intelligence Unit (FIU) which is in line with international anti-money laundering regulations.
According to the new regulation that comes into effect on November 21, bringing in less than $10,000 - or its equivalents - is not subject to reporting obligations.
Travelers carrying large amounts of cash need to refer to the Customs Administration. They would be asked to go to a border or airport branch of Bank Melli Iran where they hand in the excess amounts they possess and receive a receipt. Following FIU’s approval, travelers can either receive their hard cash back or sell it to the BMI at market price rates.
Therefore, large amounts of cash can be transferred only through 14 border checkpoints with BMI branches. In other points of entry, conveyance of less than $10,000 or its equivalent in other currencies is allowed. The list of fourteen Custom's BMI branches is accessible HERE.
Any cases of illegal cash will be referred to the courts by FIU and the money will be kept with the Bank Melli Iran until the court issues a verdict.
The CBI statement also notes that moving large amounts of foreign exchange out of the country requires a permit from the Customs Administration. Applicants should fill out a form at IRI Customs Administration Website in order to specify the exact amounts they want to take out as well as the currency unit.