Finance Ministry to crack down on travelers taking undeclared cash abroad скачать в хорошем качестве

Finance Ministry to crack down on travelers taking undeclared cash abroad

In an effort to crack down on money laundering, the Finance Ministry is set to roll out new regulations limiting the amount of cash travelers can bring out of Taiwan. Under the rules, travelers who don’t properly declare the cash they have on hand could face penalties, and could even have their money confiscated. Last year, the Customs Administration documented 45 cases of outbound travelers who tried to smuggle a net total of NT$170 million out of Taiwan. Under current regulations, undeclared cash in excess of the legal limit is generally returned to the owner, but new regulations set to come into effect in June will change that.Liu Kuo-shengTaipei Customs Deputy DirectorThe Money Laundering Control Act was amended on December 28 of last year. After the new regulations come into effect on June 28, cash amounts exceeding the limit that are not declared or incorrectly declared will be confiscated. The appraised value of gold and diamonds is also limited to US$10,000, and if they are not declared at customs, travelers will be fined an amount commensurate to the excess value.As things stand now, those leaving Taiwan are allowed to bring up to NT$100,000, RMB$20,000 or USD$10,000 out of the country with them. Amounts in excess, if found to be undeclared, will be confiscated at customs.TravelerI think this is ridiculous. It’s our money. How could they confiscate it? Sometimes I forget how much I bring. But of course, I’ll abide by the regulations and declare accurate amounts.TravelerControls on foreign currency are necessary, but the value allowance is too low. They should increase the limit.The new anti-money laundering regulations mean that travelers who bring large quantities of cash, gold or diamonds when traveling abroad should be mindful of properly declaring their assets.