Editor’s Note
Hong Kong Customs has inaugurated the second term of its Precious Metals and Stones Dealers Industry Advisory Group, appointing seventeen industry members to strengthen collaboration between the sector and regulatory authorities.
Hong Kong Customs today (October 14) held the inauguration ceremony for the second term of the “Precious Metals and Stones Dealers Industry Advisory Group” at the Customs Headquarters Building. Commissioner of Customs and Excise, Ms. Louise Ho, presided over the ceremony and presented appointment letters to seventeen non-official members from the precious metals and stones industry.
The Advisory Group is a non-statutory body comprising both official and non-official members from the industry. It provides a platform for stakeholders to exchange views on the Precious Metals and Stones Dealers Registration System. Through this group, Customs can better grasp industry sentiments to facilitate work in combating money laundering and terrorist financing.
Customs will continue to collaborate with the new term Advisory Group to enhance the industry’s compliance and legal awareness. They will work together to combat money laundering and terrorist financing, and leverage a transparent, secure, and internationally aligned regulatory system to help Hong Kong develop into an international precious metals trading hub, further solidifying its status as an international financial centre.
According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), except for eligible individuals, any person intending to carry on a business as a dealer in precious metals and stones in Hong Kong and conduct transactions worth HK$120,000 or more (whether payment or receipt) must register with Customs. Details of the registration system can be found on the website (www.drs.customs.gov.hk).