Editor’s Note
Hong Kong Customs arrested a local company director for conducting unregistered transactions of precious metals and stones worth over HK$120,000, in violation of the Dealers in Precious Metals and Stones Regulatory Regime. The investigation continues, and the suspect has been released on bail.
Hong Kong Customs yesterday (July 6) detected a case involving a local company that conducted transactions of jewellery and watch containing precious metals and stones valued at over HK$120,000, without registration under the Dealers in Precious Metals and Stones Regulatory Regime. The company director was arrested.
The investigation is ongoing. The arrested person has been released on bail.
According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), unless exempted, any person who is seeking to carry on a business of dealing in precious metals and stones and engage in any transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 in Hong Kong is required to register with Hong Kong Customs. Any dealer, other than a registrant, who claims to be a registrant, claims to be authorised to carry out, or carries out any cash or non-cash transaction(s) with a total value at or above HK$120,000 is liable to a maximum fine of HK$100,000 and imprisonment for six months upon conviction.
Customs reminds dealers in precious metals and stones that they must obtain the relevant registration before they can carry out any cash or non-cash transaction(s) with a total value at or above HK$120,000.
For the forms, procedures and guidelines to submit applications for registration, please visit the website for Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or Customs’ webpage (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).
Members of the public may report any suspected transactions involving precious metals and stones with a total value at or above HK$120,000 conducted without the required registration to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account ([email protected]) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs, Photo source: reference image
