Maldives has tightened the policy for declaring cash when a person takes over USD 10,000 out of the country.

Speaking at a press conference at Iskandhar Koshi on Sunday, Home Minister Ali Ihsan said that anyone taking over USD 10,000 in cash will have to provide details of how they received the money as well as what it is for.

"Whether it's a local, a foreigner, anyone carrying more than USD10,000, local currency or foreign currency, have to declare where they got the money from as well as what it will be used for. We need to assess from a legal point of view if this is an acceptable story before the declaration is complete," Ihsan said.

He added that in the past, some foreigners who have entered the country to work have taken over USD 300,000 to USD 400,000 out of the country within a week.

Ihsan further added that with the strengthening of the policy for declaring cash, illegal large-scale cash outflows have almost stopped.