South Korean fined for taking out S$7 million
SINGAPORE - A South Korean man has been slapped with a fine of S$30,000 for trying to bring S$7 million out of Singapore without declaring it.
28-year-old Kim Wooyeong had been instructed by his uncle to bring casino winnings back to Macau. The uncle, a businessman and an agent for casino patrons, had earlier won the money at Marina Bay Sands.
He was stopped at the Changi Airport Budget Terminal on August 24 after immigration officials noticed that his two briefcases were full of paper. A physical check revealed the money.
In an effort to combat money laundering and other crimes, Singapore law mandates that any movement of cash over S$30,000 needs to be declared. A report also has to be submitted at checkpoints.
A Marina Bay Sands employee had earlier told Kim that a declaration and a report was necessary, however he did not comply.
He could have been jailed for up to three years, fined S$50,000 or both.
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