Man Sentenced by Ciaotou Court for Over 80 Million in Illegal Cross-Strait Remittances

Central News Agency Flash

(CNA Reporter Chang Chi-Mien, Kaohsiung, 20th) A man surnamed Tsai was suspected of engaging in illegal currency exchange to profit from exchange rate spreads and commissions between the New Taiwan Dollar and the Chinese Renminbi. He handled a total of over 80 million TWD in remittances, profiting over 100,000 TWD. The Ciaotou District Court sentenced him to 1 year and 8 months in prison for the crime of illegally operating banking business. The case can be appealed.

The criminal judgment document from the Ciaotou District Court noted that between 2016 and 2017, Tsai collaborated with a Chinese businessman surnamed Huang and a Taiwanese man surnamed Tseng. Huang and Tseng used their own or their family members' bank accounts to accept commissions from others to conduct illegal cross-strait remittances, with Tsai taking a commission from the transactions.

The judgment pointed out that Tsai and his accomplices repeatedly operated remittance business between Taiwan and China, with the total exchanged amount exceeding 80 million TWD. Tsai charged a fee of 125 TWD for every 1 million TWD exchanged, making a total profit of over 100,000 TWD.

The judge considered that Tsai confessed during the investigation and voluntarily handed over all criminal proceeds. Taking into account his conduct, motives, purposes, methods, and the extent of his profits, the court sentenced Tsai to 1 year and 8 months in prison, suspended for 4 years, and ordered him to pay 350,000 TWD to the public treasury, under the charge of illegally operating banking business. The case can be appealed. (Editor: Chang Ming-kun) 1150420