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Assad Issues Law on Illegal Currency Exchange

Penalties carry jail sentences and fines
Assad Issues Law on Illegal Currency Exchange

President Bashar Assad issued a new Law on Thursday imposing new penalties for unlicensed currency exchange and illegal transfer of money to and from Syria.


Law No. 18 for 2013 amends Law No. 29 for the year 2012.


The law states that anyone who breaches the provisions of paragraph (A) of Article 7 of this law and practices currency exchange without a license is subject to temporary arrest for a period of no less than three years and no more than ten years. 


Any amount seized in cash, electronically registered, or in bonds that carry monetary value will also be confiscated and a fine of three times the amount seized and no less than 5 million SP will be imposed.


Translated and edited by The Syrian Observer


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