Muscat: To ensure compliance with local and international financial regulations and to mitigate the risks of money laundering and terrorism financing, Oman Customs has issued a guide on how to handle cash when crossing borders (checkpoints).

It states that any person entering or exiting Omani territory carrying currency or bearer-negotiable instruments, or arranging for their transfer inside or outside the country by mail or shipping services, shall declare such instruments to the Customs.

In the event of non-declaration or the submission of a false cash declaration, by providing a declaration containing false or misleading data or information regarding currencies or bearer-negotiable financial instruments, or by concealing facts that should be disclosed, the penalties may be imposed that include imprisonment for a period not exceeding three years and or a fine not exceeding RO10,000 and if the offender is a legal entity, a fine shall be imposed of not less than RO10,000 and not exceeding the value of the funds involved in the offense.

The Customs Authority may also request additional information from the person regarding the source of the funds or the purpose for which they are being used.

Any person entering or leaving Omani territory carrying currency or bearer-negotiable instruments, or arranging for their transfer inside or outside the country by mail or shipping services, shall declare such currencies and instruments to the Customs Authority if their value reaches RO6,000 or its equivalent in other currencies.

Currencies include banknotes and coins in circulation, which serve as a means of exchange and can still be exchanged at financial institutions or central banks for circulating banknotes and coins.

Bearer-negotiable financial instruments include checks, promissory notes, and payment orders made payable to the holder or can be endorsed without limitations, or issued to a fictitious recipient or in other formats, where ownership rights are transferred simply through physical handover. This also includes unfinished instruments where recipients' identities have been removed or left blank, including signed checks, promissory notes, and signed payment orders.

Beneficial owner: The natural person who ultimately owns or exercises ultimate effective control over the client, directly or indirectly. This includes a person on whose behalf a transaction is conducted, as well as anyone who exercises ultimate effective control over a legal entity.

Voluntary declaration is filed by the currency carrier before reaching the destination country through the electronic cash declaration system, and submitted to the Customs Authority upon arrival at the Customs Department.

False Declaration: A declaration that contains false or misleading data and information.

Non-Declaration: The failure of the holder to provide data and information regarding currencies or bearer-negotiable financial instruments, which is discovered by customs personnel during the inspection procedures, which include funds Incoming to the Sultanate of Oman, and valid identification documents of the person carrying the cash, customs declaration, and invoices, when funds originate from merchandise sales, cash declaration from the country of origin, bank or wire transfers, commercial register along with the list of authorized signatories, if the funds belong to a legal entity, official power of attorney certified by the competent authorities in the country of origin for the cash holder, if the funds belong to a third party and creation of an incoming manifest for the funds if they belong to a legal entity; for natural persons, the standard cash declaration is sufficient.

Funds outgoing from the Sultanate of Oman include incoming customs declarations and invoices if the funds originate from the sale of goods, bank or wire transfers, commercial register, along with the list of authorized signatories, if the funds belong to a legal entity, official power of attorney certified by the competent authorities in the country of origin for the cash holder, if the funds belong to a third party, preparation of an outgoing customs declaration for the funds if they belong to a legal entity,

Cash funds transiting through the Sultanate of Oman include a Cash declaration from the country of origin, bank and wire transfers, commercial register along with the list of authorized signatories, if the funds belong to a legal entity, flight ticket, verify the passenger name matches, and check against Omani identities, airport schedules, if the funds are departing from the airport, official power of attorney certified by the competent authorities for the cash holder, if the funds belong to a third party, funds must be carried in a sealed customs bag suitable for customs sealing and Complete a transit customs declaration for the funds.

Gold follows identical rules, whether manufactured or in bars. A cash declaration must be created if the gold's value exceeds the minimum customs declaration threshold of RO6,000.

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