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April 30, 2017

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If you bring in extra undeclared cash, be prepared to lose it

TAIPEI -- Regulations prohibiting travelers from entering or leaving Taiwan with excessive sums of undeclared cash have been tightened, so that from June 28, anyone trying to bring in or out NT$100,000 (US$3,287) or more in cash without declaring it will face having the money immediately confiscated.

Under current regulations, passengers and flight crew members must declare any cash they are bringing into or out of the country if it exceeds NT$100,000, US$10,000 or 20,000 Chinese yuan.

Any excessive foreign currencies that are not declared will be seized at once at customs checkpoints, but if it is cash in Taiwan dollars, travelers will be allowed to deposit it at Customs before leaving and get it back upon their return.

The rule regarding Taiwan dollars will change on June 28, the Customs Administration under the Ministry of Finance said Wednesday, so that any excessive undeclared cash in local currency will also be seized on the spot.

The new measure is part of reinforced government efforts to prevent money laundering, the administration explained.

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