Man fined for failing to report more than $200k in foreign currencies when leaving Singapore

SINGAPORE - A man was convicted on Wednesday (May 15) of failing to report the movement of currencies worth more than $200,000 when leaving Singapore, said the police in a statement on the same day.

Yiu Hoi Tung, 31, was sentenced to a fine of $7,000 for failing to report cross-border movement of cash under Section 48C of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Chapter 65A.

Anyone convicted of the same offence can be fined up to $50,000 or jailed up to three years, or both.

On Nov 16 last year, the police were alerted to a case of a man carrying cash exceeding $20,000 at Changi Airport Terminal 1.

Investigations found that Yiu was carrying different currencies worth more than $232,000 when attempting to leave Singapore, and had failed to report to an authorised officer about the cash movement.

The police, in their statement, also reminded the public of the statutory requirement to declare the physical movement of any cash exceeding $20,000 - or its equivalent in foreign currency - into or out of Singapore, and that failure to do so constitutes an offence.