Saudi Arabia Sets New Entry and Exit Rules
The updated executive regulations of the Anti-Money Laundering System revealed strict procedures for surveillance and disclosure when entering or leaving the Kingdom. These include obligating travelers to declare via customs regarding gold bullion, precious metals, and gemstones valued at more than 40,000 Riyals, accompanied by a receipt proving the value. Additionally, the authority has been granted the power to seize unpermitted funds for up to 72 hours and to refer suspicious cases to the relevant authorities. Penalties of up to 50% of the seized amount have been introduced, along with the adoption of a risk assessment approach, due diligence measures, financial transaction analysis, and enhanced legal protection for whistleblowers.
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