Editor’s Note
Hong Kong Customs will promote its new regulatory regime for precious metals and stones dealers at this week’s jewellery fair, offering on-site guidance for international exhibitors.
Hong Kong Customs will set up a booth at the “Jewellery & Gem ASIA Hong Kong | June Hong Kong Jewellery & Gem Fair” (JGA) held at the Hong Kong Convention and Exhibition Centre from tomorrow (June 22) for four consecutive days. The booth aims to promote the Precious Metals and Stones Dealers Regulatory Regime (the Regime) and, for the first time, provide on-site consultation services to facilitate non-Hong Kong dealers in submitting cash transaction reports during the exhibition period.
According to the Anti-Money Laundering and Counter-Financing of Terrorism (Financial Institutions) Ordinance (Chapter 615), the Regime has been implemented since April 1 this year. Local precious metals and stones dealers must apply for registration with Hong Kong Customs by December this year to conduct transactions totaling HK$120,000 or more (whether for payment or receipt of funds) and must properly fulfill the statutory obligations to combat money laundering and terrorist financing.
Non-Hong Kong precious metals and stones dealers who meet specified conditions (including exhibitors participating in the jewellery fair) are exempt from registration but must submit a cash transaction report to Hong Kong Customs for any cash transaction in Hong Kong totaling HK$120,000 or more (whether for payment or receipt of funds). The report must be submitted no later than the day after the transaction, or before the dealer or their representative leaves Hong Kong, whichever is earlier.
Non-Hong Kong dealers can log in to the “Precious Metals and Stones Dealers Registration System” via the Regime’s website (www.drs.customs.gov.hk) to submit cash transaction reports online. They can also download the relevant form (www.drs.customs.gov.hk/download/drsform/CED418_Form%208_Cash%20transaction%20report.pdf) and submit the report in person at the Hong Kong Customs booth during the JGA exhibition period.
The Hong Kong Customs booth (Booth No. 1E422) is located at Hall 1E of the Hong Kong Convention and Exhibition Centre. Opening hours are from 10 am to 6 pm from June 22 to 24, and from 10 am to 5 pm on June 25.
Dealers wishing to learn more about the Regime can visit the webpage (www.customs.gov.hk/tc/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).