Editor’s Note
Hong Kong Customs will operate an information booth at the JMA Hong Kong International Jewellery Show from November 27. The initiative aims to promote regulatory compliance for dealers in precious metals and stones and provide on-site support for reporting requirements.
Hong Kong Customs will set up a booth at the “JMA Hong Kong International Jewellery Show” (JMA) held at the Hong Kong Convention and Exhibition Centre for four consecutive days starting from tomorrow (November 27). The booth aims to promote the regulatory regime for dealers in precious metals and stones and provide on-site consultation services. This will 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), except for exempt persons, anyone intending to engage in the business of dealing in precious metals and stones in Hong Kong and conduct transactions of HK$120,000 or above (whether paying or receiving funds) must register with Hong Kong Customs and comply with the statutory obligations for combating money laundering and terrorist financing. All dealers in precious metals and stones must successfully obtain the relevant registration before they can conduct cash or non-cash transactions with a total value of HK$120,000 or above.
Non-Hong Kong dealers in precious metals and stones who meet specified conditions (including exhibitors participating in exhibition fairs) are exempt from registration. However, they are required to submit a cash transaction report to Hong Kong Customs for any cash transaction with a total value of HK$120,000 or above (whether paying or receiving funds) conducted in Hong Kong. The report must be submitted within one day after the transaction, or before the dealer or its representative leaves Hong Kong, whichever is earlier.
Non-Hong Kong dealers can log in to the “Registration System for Dealers in Precious Metals and Stones” via the dedicated website www.drs.customs.gov.hk to submit cash transaction reports online. Relevant procedures are detailed at www.drs.customs.gov.hk/information/43_nonHongKongDealers.
Non-Hong Kong dealers 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 JMA exhibition period.
The Hong Kong Customs booth (Booth No. 1CON01) is located at Hall 1 of the Hong Kong Convention and Exhibition Centre. Operating hours are from 10:00 a.m. to 6:30 p.m. on November 27; from 10:00 a.m. to 7:00 p.m. on November 28 to 29; and from 10:00 a.m. to 6:30 p.m. on November 30.
Dealers wishing to learn more about the regime can visit the website (www.customs.gov.hk/tc/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).
