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Q.1What is the reason for establishing a declaration and disclosure system in Hong Kong for the cross-boundary transportation of currency and bearer negotiable instruments (“CBNIs”)?
A.1

The system is established for the purpose of anti-money laundering (“AML”) and counter-financing of terrorism (“CFT”). It implements Recommendation 32 of the Financial Action Task Force, the international standard-setter of AML/CFT, which requires member jurisdictions to establish by statute a declaration and/or disclosure system to detect the cross-boundary transportation of large quantities of CBNIs. It should be stressed that the declaration/disclosure system is NOT any form of capital or currency control.

Q.2What is CBNI?
A.2

In accordance with section 2 of the Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance, Chapter 629, Laws of Hong Kong (Opens a new window) (“the Ordinance”), “CBNI” means -

  1. a note, or coin, that is legal tender in Hong Kong or a place outside Hong Kong; or
  2. a negotiable instrument (Note) that is:
    • in bearer form;
    • endorsed without any restriction;
    • made out to a fictitious payee;
    • in a form under which the title of it passes on delivery; or
    • signed but does not state a payee’s name.

Note: Examples of such instrument include traveller’s cheque, bearer cheque, promissory note, bearer bond, money order and postal order.

Q.3What is a large quantity of CBNIs?
A.3

In accordance with Schedule 4 to the Ordinance (Opens a new window) , a large quantity of CBNIs means CBNIs with a total value of more than HKD120,000.

Q.4Are diamond, gold or casino tokens CBNIs?
A.4

No. Diamonds, gold or casino tokens are neither currencies nor bearer negotiable instruments. They are therefore not CBNIs.

Q.5Is a cheque CBNI?
A.5

A cheque in bearer form is CBNI but an order cheque which is payable to a specified payee is not.

Q.6Is a commemorative banknote CBNI? If yes, how to determine its value?
A.6

If a commemorative banknote is legal tender in Hong Kong or a place outside Hong Kong, it is CBNI. The value of the commemorative banknote is determined by its nominal value.

Q.7Is an old banknote CBNI? If yes, how to determine its value?
A.7

If an old banknote is legal tender in Hong Kong or a place outside Hong Kong, it is CBNI. The value of the old banknote is determined by its nominal value.

Q.8Is a gold coin CBNI?
A.8

A gold coin is not CBNI if it is not legal tender in Hong Kong or a place outside Hong Kong.

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