July 26, 2005

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Money: The Root of All Evil?

That old nugget of wisdom appeared to hold true yesterday at the Lo Wu checkpoint, where an old lady was busted for trying to smuggle HK$1.9 million into Hong Kong in a rather novel way. She had stuffed all the money inside some 'root' vegetables she was carrying - namely, some large taro. Here is the article from the Shenzhen Daily:

A woman from Hong Kong had been caught smuggling about HK$2.2 million (US$283,100), of which HK$1.9 million was stuffed in taros, customs officials announced Friday. The seizure was the largest currency smuggling case detected at Luohu Checkpoint this year, Shenzhen and Hong Kong newspapers reported. The 60-year-old women, identified as a housewife surnamed Chan, was crossing the border into Hong Kong at 11:45 p.m. Thursday, 15 minutes before the checkpoint closed, when she was asked to open her trolley bag and handbag, the Shenzhen Special Zone Daily and South China Morning Post reported.

An X-ray found an undeclared HK$12,500 in her handbag. When customs officers further questioned the woman, she became nervous and raised suspicions. A closer look at the X-ray found seven taros that looked suspicious. Officers cut open the taros to find HK$1.9 million in rolls of banknotes. The officers then found 18 rolls of banknotes amounting to HK$275,000 in the aluminum handle of the women’s luggage bag. She said the money was hers and had been kept on the mainland for some time.

She should have kept the money in her purse under the legal limit of HK$8,000. tsk tsk.

posted by HK Dave on 07.26.05 at 08:29 AM in the




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Comments:

Just another reason why we need to remain vigilant against taro-ists in our airports.

posted by: GaijinBiker on 07.26.05 at 01:14 PM [permalink]

Ugh:)...Yes I suppose Bush would also support the "War on Taro" given his stance against both money laundering and expanding waistlines.

posted by: David on 07.26.05 at 01:25 PM [permalink]

Didn't she know the smart money is buying Renminbi? Why she is smuggling HK$ OUT of China. She should have been buying $RMB with them. Come the HUGE revaluation, she will be rich beyond her imagination.

This is why I wonder whether China liberalizing its exchange regime in the long run will mean a RMB rise. Given the chance, money flows away from countries without rule of law, arbitrary justice, corruption and unsound money towards those that protect property, have rule of law and hard money policies.

posted by: kennycan on 07.27.05 at 04:44 PM [permalink]

If people start smuggling money out of Korea like this, then the taro-ists have won.

posted by: GaijinBiker on 07.29.05 at 01:10 PM [permalink]




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