Hong Kong Customs has set up a booth at the Hong Kong International Jewellery Show (HKIJS) 2023 from March 1 for five consecutive days to step up publicity on the newly introduced regulatory regime for dealers in precious metals and stones (DPMS), with a view to ensuring a better understanding of the statutory requirements by related dealers and persons as well as a smooth implementation of the regulatory regime.
Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), local DPMS are required to apply for registration between April and December 2023 in order to carry out transactions with total value at or above HK$120,000. They are also required to fulfill their anti-money laundering and counter-terrorist financing obligations as appropriate. For non-Hong Kong DPMS fulfilling the statutory conditions (including those who come to Hong Kong to participate in jewellery exhibitions), although being exempted from registration, starting from April 1, 2023, they are required to submit to Hong Kong Customs a cash transaction report for any cash transaction(s) with total value at or above HK$120,000 carried out in Hong Kong within one day after the transaction, or before the dealer or the person acting on behalf of the dealer leaves Hong Kong, whichever is earlier.
The Commissioner of Customs and Excise, Ms Louise Ho, today (March 3) participated in the publicity activities held by the department at the HKIJS and attended a dialogue session with popular artiste Janis Chan to give a briefing on the regulatory regime and to kick off the whole publicity campaign. Ms Ho said that the implementation of the regulatory regime for DPMS fully demonstrated Hong Kong's unwavering commitment to combating money laundering and terrorist financing, thereby safeguarding Hong Kong's reputation as an international financial centre.
Following the dialogue session, Ms Ho and Chan visited other booths at the HKIJS to brief Mainland, overseas and local exhibitors about the new statutory requirements and to distribute promotional items to them.
Members of the public are welcome to watch and share the video of the dialogue session, which has been uploaded to Hong Kong Customs' Facebook page at www.facebook.com/hongkongcustoms/videos/163385856510421.
Ends/Friday, March 3, 2023