Gold and Money

HK$11.9 Million of Gold Bars Smuggling Prevented at Shenzhen Bay Checkpoint

In Jewellery, News by Parvesh ShamdasaniLeave a Comment

According to the SCMP, HK$11.9 Million of Gold Bars Smuggling was prevented at the Shenzhen Bay Checkpoint:

A Hong Kong driver was arrested for smuggling in Shenzhen after the customs authorities found HK$11.9 million (US$1.5 million) worth of gold in his vehicle.

The man was driving back through the Shenzhen Bay checkpoint on July 3 when mainland customs officers found 44 undeclared gold bars weighing a total of 44kg in a hidden compartment in the car’s armrest.

On the mainland smuggling gold is punishable from five years in prison to life behind bars, but this has not prevented smugglers from trying their luck. With a depreciation in the Yuan, outflow of capital is expected from China. As long as the smugglers are successful in their endeavors, without any due diligence requirements for the gold industry in Hong Kong, this will only work to encourage smuggling and support their illicit activities.

Business and compliance enthusiast, problem solver, road warrior, police ID check magnet, and half geek whose exploits have taken him around the United States, United Kingdom, Caribbean, India, deep into Southeast Asia and West Africa. Entered the anti-money laundering and high risk field to help develop understanding, contribute research, improve standards, prevent profiteering at the expensive of SMEs, and to protect interests of the average person.
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