TAIPEI (Taiwan News) -- A man of Chinese nationality was detained for carrying undeclared cash of about HK$294,528 (NT$1.13 million) on Friday at Taiwan Taoyuan International Airport, officials say.
The Taipei Customs confiscated HK$216,000 (NT$835,682) from the detainee surnamed Xing (辛) as he was preparing to leave Taiwan on a China-bound flight.
As he had not declared the large amount of money that he was carrying, the officials left him with roughly the amount equivalent to US$10,000 that travelers are allowed to carry without having to declare it.
According to the reports from the Central News Agency, the man said he was carrying that amount of money for business purposes and was unaware of the law that he needed to declare the cash to customs.
Customs officials reminded the people about the new Money Laundering Act that went into effect on June 28 and urged all passengers to abide by the new law to avoid such situations, as recently there have been multiple cases of cash being confiscated at the airport.
According to the new Money Laundering Act, passengers are only allowed to carry cash not more than Taiwan currency not exceeding NT$100,000, Chinese currency not more than RMB20,000 and foreign currency equivalent to US$10,000. Any amount exceeding must be declared at the airport customs to avoid confiscation.