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Taiwanese customs confiscate money under AML law

Customs officials in Taiwan have confiscated US$380,000 (approximately MOP3 million) from two Taiwanese nationals who transported US$400,000 from Macau. The seizure came pursuant to the anti-money laundering law enacted in June 28 of this year in Taiwan, Apple Daily Taiwan reported. The two travellers revealed that they were assigned by an anonymous person involved with […]

Customs officials in Taiwan have confiscated US$380,000 (approximately MOP3 million) from two Taiwanese nationals who transported US$400,000 from Macau. The seizure came pursuant to the anti-money laundering law enacted in June 28 of this year in Taiwan, Apple Daily Taiwan reported.
The two travellers revealed that they were assigned by an anonymous person involved with casinos to transport the amount to Taiwan.
The two did not respond when asked by the Taiwanese Customs whether they were being paid for their services.
In Macau, according to the newly revised law “Control of Cross-Boundary Transport of Currency and Bearer Negotiable Instruments (CBNIs)”, arriving passengers are requested to use the Red Channel and fill in a declaration form to declare to Customs Services if they are bringing in CBNIs equal to or exceeding MOP120,000.
Meanwhile, the law also mandates that passengers leaving the MSAR truthfully declare their assets to local customs authorities, otherwise they can be liable to pay a fine of between MOP1,000 and MOP500,000.
Mandatory declaration objects do not include gold and other precious metals and stones, and declarations are not required for transit passengers who have a layover in the MSAR.
The new law will be enacted on November 1 of this year.
The law proposal was advanced by the government in December of last year, as one of the measures to enhance local anti-money laundering measures in the MSAR and to comply with the recommendations of the inter-governmental body the Financial Action Task Force (FATF).

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