Guangdong Customs Cracking Down on Foreign Currency Smuggling
Since the beginning of the year, there has been an upward trend in the cases of foreign currency smuggling, which was ferreted out by the Guangdong Customs through inspection on the spot. Discovered by the customs in the first quarter of the year were 838 cases of smuggling out currency, checks and valuable securities, in which the foreign currency was valued at more than 48.7 million yuan, and checks and valuable securities at above 4.4 million yuan, increasing by an excess of 300 percent over the same period last year.
According to the analysis of the Guangdong customs department concerned, the smuggling trend has something to do with the strong Hong Kong stock market in the first quarter, and passengers carrying a great amount of capital from China's inland to Hong Kong for speculation. In view of this, the customs officials will step up management and intensify their crackdown on smuggling.
Most of the people involved in foreign currency smuggling held Chinese passports or traffic permits. The smuggled foreign currencies were mostly Hong Kong dollars, US dollars, Japanese yen, new Taiwan currency and Portugal escudo, and the cases of smuggling Hong Kong dollar take up 71 percent of all foreign currency smuggling cases. Carrying and hiding on human bodies are the main smuggling methods, in addition to concealing currencies among pieces of luggage. this type of cases is characterized by the large amount of currency smuggled More than 40 cases of smuggling foreign currency valued at 100,000 yuan each have been discovered, with the value of cases standing at above 18 million yuan, accounting for 37 percent of the total value. Foreign currency smuggles are concentrated in Shenzhen and Gongbei where local customs houses have discovered more than 750 cases involving a value exceeding 48 million yuan.
Discovered by the customs in the first quarter of the year were 838 cases of smuggling out currency, checks and valuable securities, in which the foreign currency was valued at more than 48.7 million yuan, and checks and valuable securities at above 4.4 million yuan, increasing by an excess of 300 percent over the same period last year.
