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A NT$7.2 million worth of gold has been intercepted by Taiwan Authorities

According to Taiwan's Coast Guard Administration (CGA) in a statement, a woman surnamed Chuang was arrested for an attempt to smuggle gold to Hongkong. An estimate of 4.785 kilograms of gold was found on her suitcase, which has been molded into the shape of gears and coated with silver to avoid detection CGA's Investigation branch said.

As to market value, the gold is estimated at NT$ 7.2 million (US 237,456). An investigation was made by the CGA as they have received tips about money laundering as to whether Chuang is maybe linked to smugglers. But Chuang said that she was about to sell the gold in Hongkong because of the much higher price of NT$ 500,000 compared to the price in Taiwan.

As per CGA officers, Chuang parents have once owned a jewelry store and have left some but sad to say her act is not under Taiwan's regulation imposed, to whoever carrying gold with a market value of exceeding US$ 20,000 has to seek approval first from the Bureau of Foreign Trade. Hence, any violator who will be caught will be fined an amount equivalent to his/her falsely declared items if found guilty.

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