Taipei, June 20 (CNA) An amendment to the Money Laundering Control Act will go into effect June 28, stipulating that foreign currency and negotiable securities exceeding a certain amount carried into or out of the country by passengers undeclared shall be confiscated.
The amendment was promulgated by President Tsai Ing-wen on Dec. 28, 2016.
Under the revised law, passengers entering or leaving Taiwan with cash in local currency exceeding NT$100,000 (US$3,350), foreign currency exceeding US$10,000, Chinese currency exceeding 20,000 yuan or other negotiable securities such as traveler's checks, other checks and money orders, should be declared, customs officers said Tuesday.
In addition, passengers who carry gold in excess of NT$600,000 and jewelry and diamond in excess of NT$500,000 in value should declare the items or risk being fined, the officers said, adding that the amendment is aimed at abnormal financial activity.
