Saudi Arabia lowers gold declaration threshold to SAR40,000 for travellers

Saudi Arabia has introduced tighter anti-money laundering regulations requiring travellers entering or leaving the Kingdom to declare gold bullion, precious metals, gemstones and jewellery valued at SAR40,000 ($10,700) or more, lowering the previous declaration threshold from SAR60,000.

Under the updated implementing regulations of the Anti-Money Laundering Law, travellers must submit a written customs declaration and provide proof of purchase, such as an invoice, to verify the value of the items. Where authorities determine that the goods are intended for commercial purposes, the provisions of the Unified Customs Law will apply.

The Zakat, Tax and Customs Authority (ZATCA) has power to seize undeclared cash, precious metals or other valuables, or assets suspected of being linked to financial crimes, for up to 72 hours. Cases involving suspected money laundering must be referred to the Public Prosecution and the General Department of Financial Investigations.

First-time violations that do not involve suspected money laundering are subject to fines ranging from 10 per cent to 25 per cent of the value of the undeclared assets, rising to 50 per cent for repeat offences. Cases linked to suspected money laundering or predicate offences will be referred to the relevant authorities for further legal action.

Financial institutions and designated non-financial businesses must carry out regular money laundering risk assessments covering customers, products, services, countries of operation, delivery channels and transaction patterns, and must document and regularly update those assessments.