Bringing nearly 1.5 million USD into Singapore without declaration

An employee of a Malaysian money exchange company brought nearly 2 million Singapore dollars (SGD - nearly 1.5 million USD) into Singapore without fully declaring it.

Bryan Woo Kah Hou, a 26-year-old Malaysian, was fined S$30,000 ($22,500) for conspiring to transfer cash exceeding S$20,000 into Singapore in November 2023. On February 1, a court ordered S$400,000 of the nearly S$2 million to be confiscated. The rest was returned to Woo.

According to a police press release on 2 February, Woo declared to the Immigration and Checkpoints Authority of Singapore (ICA) officer on 20 June 2023 that he was carrying 468,000 Brunei dollars (BND - 351,000 USD) and 37,500 SGD. He then submitted another form to the ICA officer, claiming to be carrying 135,000 SGD and about 1.83 million BND. However, investigations showed that this declaration was also incorrect.

In fact, Woo was carrying more than BND 1.95 million and more than SDG 25,000, worth a total of SGD 1,979,053 ($1.48 million). In November, Woo pleaded guilty to two counts under the Corrupt Practices, Drug Trafficking and Other Serious Crimes Act for transferring cash into Singapore exceeding SGD 20,000 without reporting the amount accurately and completely. This was Woo's second such offence.

Security check at Singapore airport. Photo: THE INDEPENDENT SINGAPORE

The cross-border cash declaration regime is one of Singapore's measures to curb money laundering, terrorism financing and other criminal activities, the Ministry of Trade and Industry said. All travellers arriving or departing from Singapore must declare their movements into and out of Singapore with any currency exceeding S$20,000 or its foreign equivalent. The report must contain full and accurate information, and violations are punishable by a maximum jail term of three years, a maximum fine of S$50,000, or both.

KHANH MINH

Source: https://www.sggp.org.vn/mang-gan-15-trieu-usd-vao-singapore-khong-khai-bao-post725456.html