Man fined for not declaring over $7m cash when leaving
S'pore
SINGAPORE : A South Korean man caught trying to move
S$7 million worth of casino winnings out of Singapore in travel
bags at Changi Airport was fined on Tuesday.
This case is believed to be the largest amount of
undeclared money a person has tried to smuggle out of
Singapore.
Kim Wooyeong, who is based in the Philippines, was
caught at the Changi Airport Budget Terminal at around 5am on
August 24 with cash amounting to more than S$7 million in his
bags.
Anyone moving cash amounting to more than S$30,000 in or out of the
country would have to declare the money.
It is part of Singapore's efforts to combat money laundering,
terrorism financing and other transnational crimes.
The court heard that security officers at the terminal noticed that
Kim's two bags contained paper as they were scanned at an X-ray
screening machine.
The money was uncovered during a physical search and Kim said that
they were casino winnings.
Kim added that his uncle, 43-year-old businessman Park Dong Choel,
had won the money in Singapore and that he was helping his relative
to bring the cash out of the country.
Kim had consulted a business development executive - Terry Kim
Taesoo, 28 - from Marina Bay Sands about how he could take the
money out of Singapore.
The officer replied that Kim had to complete a declaration form
which can be obtained beside a cash-out counter at the
casino.
He also had to give a report for carrying the cash out.
Kim did not heed this advice and was caught red handed with the
money.
He was fined S$30,000 on Tuesday for not declaring the cash.
He could have been jailed up to three years, fined a maximum of
S$50,000 or both. - CNA /ls
