Taiwanese gambler out nearly $400k after failing to declare

A Taiwanese gambler is out hundreds of thousands of dollars after failing to report his foreign casino winnings to local customs officials.

On Wednesday, Taiwan’s Central News Agency (CNA) reported on the truly sad story of a gambler identified only by the surname Huang who reportedly went on a roll in one or more South Korean casinos but fell afoul of Taiwan’s strict rules on declaring cash on one’s person when returning from abroad.

Huang dutifully informed customs officials about the US$15,400 he was carrying but neglected to tell them of the KRW408.8m ($368,500) and the THB473k ($14,500) he was lugging around in his suitcase. Customs agents inspecting his luggage discovered the undeclared cash, which reportedly took two hours to count.

Huang claimed that his understanding of Taiwan’s Money Laundering Control Act meant that foreign currencies such as the Korean won and the Thai baht were exempt from the declaration process. The report failed to mention how loud Huang’s cries became after he was informed to the contrary.