THE WHAT? Hong Kong’s Customs and Excise Department has seized a cache of luxury goods worth some HK$120 million from smugglers, according to a report published by France24.

THE DETAILS The haul comprised watches, fashion accessories, cosmetics, alcohol and cigars, among others and was captured as part of it was being loaded on a speedboat.

THE WHY? Thanks to its favorable sales tax regime, Hong Kong is one of the cheapest places in the world to purchase luxury goods. Smuggling activity has soared over the course of the pandemic as a result of tourist activity being curbed by travel restrictions.