Anti-Money Laundering Law

1- Any person who enters or leaves the Kingdom of Saudi Arabia in possession of currency, bearer negotiable instruments, gold bars, precious metals or stones or jewelry exceeding the value threshold set by the Implementing Regulation, or who arranges for the transportation thereof into or out of the Kingdom by cargo, courier, postal service or through any other means, shall declare to the General Directorate of Customs and the Directorate shall request additional information on the source and the purpose of the use. 2- The General Directorate of Customs shall seize the currency, bearer negotiable instruments, gold bars, precious metals or stones or jewelry for (72) hours in case of the suspicious of the ML or predicate offence including cases not exceeding the value threshold set in Sup (1) in this Article, and in case of violating the declaration obligation or the false declaration. 3- In the case of violating the declaration obligation or the false declaration and no suspicious in the ML or predicate offence, The General Directorate of Customs shall imposed a fine as clarified in the Implementing Regulation. 4- The General Directorate of Financial intelligence shall obtain all information that the General Directorate of Customs obtained. 5- The Implementing Regulation shall set forth rules and procedures related to declarations and the powers of General Directorate of Customs to implement the declaration obligations. VI. Supervision