Taipei--Starting from June 28, passengers leaving or entering the country carrying cash of over NT$100,000 (US$3,229), or an equivalent of US$10,000-worth of gold or other items that could be used for money laundering, such as diamonds, will have to declare the items to Customs or face punishment, the Ministry of Finance announced Tuesday.
Violators could face confiscation of the cash or other items, or fines. Passengers will be obliged to declare them even if they are transporting them as cargo, by express delivery or by surface mail.
According to Customs statistics, there were 45 violations involving around NT$106.8 million in cash and seven violations involving gold totaling 10 kilograms in 2016.
Currently, passengers carrying Taiwan dollars or gold exceeding a certain amount can store it at Customs for retrieval when they re-enter the country, but with the new regulations, their cash or valuables will be confiscated or slapped with fines.
Source: Focus Taiwan News Channel