A man was fined $6,000 today (April 24) and disqualified from holding a Money Service Operator licence for six months by Shatin Magistrates' Courts for operating a money service without a valid licence.
Officers of the Customs and Excise Department (C&ED) on patrol earlier discovered a gold and jewellery shop in Shatin suspected of operating a money service without a licence.
Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, a person who wishes to operate a remittance and/or money changing service is required to apply for a licence from the C&ED. Any person who operates a money service without a valid licence commits an offence. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for six months.
Members of the public may report any suspected unlicensed money service operation to the Customs' 24-hour hotline 2545 6182 or its crime-reporting email account (email@example.com).
Ends/Wednesday, April 24, 2019