New instructions on Border Crossings according to Anti-Money Laundering Law

On Tuesday, the General Authority of Customs has issued new controls and instructions regarding the declarations of funds during export operations across the Iraqi border. The new instructions were actually issued by the Iraqi Central Bank and the Anti-Money Laundering & Terrorism Financing Council, according to the specifications of Article 7 of Paragraph 4 and specifications of Article 34 and 35 of Anti-Money Laundering & Terrorism Financing Law No. 39 for the year 2015. The new instructions include the declaration of funds during import export operations across the Iraqi border and based on the provisions of the paragraph and the 2 articles related to the responsibility of each person upon entry into or departure from Iraq. Each person should fulfill the request of a representative of the General Authority of Customs on carrying funds, currencies or negotiable instruments to be held or transferred to Iraq. The permit will include the value of such currencies or instruments.

New instructions on Border Crossings according to Anti-Money Laundering LawThe statement further mentioned that every traveler who enters or exits Iraqi territory must declare the money more than 10 thousand U.S dollars or equivalent to other foreign currencies. Travelers should need to declare the form attached to these regulations to the employees of the General Authority of Customs at the airport or Iraqi border crossing points. The limit is just mentioned in the item No.1 and it will be applied to those who 18 or more. Persons under 18 will be allowed to have money according to the limit allowed to the guardian. The incoming and outgoing Iraqi currency will be restricted according to the authorized limit of 2, 00,000 Iraqi dinars. The new instructions should be implemented by each customs department at border crossings and airports, and they must take some important measures. The guidance boards regarding regulations must be placed in high and visible places with language options such as Arabic, English and Kurdish.

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