Editor’s Note
Hong Kong has implemented a new registration regime for dealers in precious metals and stones to strengthen its anti-money laundering and counter-terrorist financing framework. The measure aims to safeguard the city’s status as a trusted financial hub while preserving its robust trade freedoms.
As an international financial hub, Hong Kong enjoys considerable freedom in trade. To prevent criminals from exploiting the convenience of free trade for illegal activities such as money laundering, the Hong Kong government recently amended the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615) to establish a Registration Regime for Dealers in Precious Metals and Stones. This regime came into effect on April 1 this year.
Regarding the establishment of the Registration Regime, Mr. Simon Sin, Chairman and Director of the Hong Kong Jewellery & Jade Manufacturers Association, expressed his support and understanding. He believes it aligns with international anti-money laundering standards and that the government was willing to listen and optimize the regime’s content based on industry feedback during the legislative consultation.
Prior to the amendment of the Anti-Money Laundering Ordinance, the government consulted the industry and made detailed adjustments to the new regime based on their feedback. Mr. Sin further pointed out:
On the benefits of establishing the registration regime for businesses, Mr. Sin believes:
Finally, Mr. Sin noted that to support the implementation of the registration regime, the Association has a series of activities and measures to help members better understand the rationale behind the legislation and how to handle different situations during implementation.
