20 April 2016

Money-laundering: Yu v. Customs

Leaving New Zealand soil is not necessary to breach currency smuggling rules.  Xiaosheng Yu breached reporting rules by not declaring $136,452 in Chinese yuan before passing through customs clearance at Auckland airport en route to Hong Kong.
The Court of Appeal was told currency owned by Yu but held in his wife’s handbag was detected by a Customs dog just prior to their boarding at Auckland airport.  A search of checked baggage uncovered currency valued in total at some $136,000.  Cash movements of $10,000 or more must be declared under the Anti-Money Laundering and Countering Financing of Terrorism Act.  Yu did not declare the cash.  He said no offence has been committed until he had left New Zealand.  An offence of attempting to smuggle currency arises just after the last official opportunity to disclose cash to a Customs officer at a Customs checkpoint, the Court ruled.  Cash reports, when required, must be made when handing over departure cards.
Yu v. Customs – Court of Appeal (20.04.16)

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