Hong Kong Customs detects suspected frozen Wagyu beef smuggling case involving speedboat
Hong Kong Customs yesterday (September 2) mounted an anti-smuggling operation in the south-western waters of Hong Kong and detected a suspected smuggling case involving a speedboat. About 10.1 tonnes of suspected smuggled frozen Wagyu beef and a high-powered speedboat equipped with six outboard engines, with a total estimated market value of about $21 million, were seized.
Last night, Customs officers conducted an anti-smuggling operation in waters west of Lamma Island and spotted a suspicious speedboat heading towards Mainland waters at a high speed, with its navigation light off. Officers immediately took action to pursue and intercept the speedboat, but the speedboat accelerated and fled.
Later, Customs stopped the speedboat in waters off the south of Lamma Island and boarded the vessel for investigation. The speedboat was discovered to be equipped with six powerful outboard engines and the batch of suspected smuggled frozen Wagyu beef was seized onboard the vessel. Five men, aged between 22 and 36, were also arrested.
An investigation is ongoing.
Customs stresses that it will keep up its enforcement action and will continue to vigorously combat sea smuggling activities through proactive risk management and intelligence-based enforcement strategies, and carry out anti-smuggling operations at suitable times to crack down on such activities.
Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction.
Members of the public may report any suspected smuggling activities to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs detects suspected frozen Wagyu beef smuggling case involving speedboat Source: HKSAR Government Press Releases
Hong Kong Customs detects suspected frozen Wagyu beef smuggling case involving speedboat Source: HKSAR Government Press Releases
SFST's opening remarks at press conference on Hong Kong FinTech Week 2024
Following are the opening remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the press conference on Hong Kong FinTech Week 2024 today (October 8):
Alpha (Director-General of Investment Promotion at Invest Hong Kong, Ms Alpha Lau), distinguished guests, ladies and gentlemen,
Good afternoon and thank you for joining us today. It gives me great pleasure to unveil the official details of this year's much-anticipated Hong Kong FinTech Week, carrying the theme "Illuminating New Pathways in Fintech".
This year marks the ninth edition of our flagship event, standing at the vanguard of the global fintech revolution. I have had the good fortune to witness the remarkable growth and evolution of our Hong Kong FinTech Week over the years. The conference this year further encapsulates the global paradigm shift, with emerging technologies driving the spirit of change.
I have made it a tradition to announce a new policy statement and new initiatives during the FinTech Week, sharing with our global audience the Government's vision and mission in taking forward market development together with the industry. In 2022 we announced the groundbreaking Policy Statement on Development of Virtual Assets in Hong Kong, and last year we shared the plan to develop a new integrated fund platform for our market. This year is no exception, and we are set to announce a policy statement for responsible use of artificial intelligence (AI) in our financial services sector. This will be another important announcement from us elaborating our policy stance on this topic of global importance and interest.
Hong Kong FinTech Week welcomes top technology leaders, policymakers, and investors from around the world for insightful discussions on the fintech landscape. We are set to showcase the individuals, rising stars, and innovations propelling advancements in efficiency, scalability, and sustainability worldwide. During the event, we will explore how entrepreneurs and corporations are leveraging frontier technologies like AI, tokenisation, and Web3 to craft innovative business models and capitalise on Asia's economic ascension.
Hong Kong always shows resilience and strength during challenging times. Our city has recently been ranked third in the latest Global Financial Centres Index around the globe and first in the Asia Pacific Region. In terms of fintech, Hong Kong rose five places to ninth, putting it among the top 10 fintech hubs globally. This reflects the concerted efforts of the Government, financial regulators, and industry players to promote fintech development in Hong Kong. Over the past few months, we have introduced various initiatives to further cultivate a vibrant ecosystem for fintech innovation, including expanding the cross-boundary e-CNY pilot in Hong Kong, launching the new Generative AI Sandbox, as well as commencing phase 2 of the e-HKD Pilot Programme, just to name a few.
With its strategic location and robust financial infrastructure, Hong Kong emerges as a "super connector" and "super value-adder" for fintech. Hong Kong is primed to lead this transformative journey to uncover the pathways to opportunities. Notably, we've witnessed strong interest from the Mainland's big tech companies showcasing their latest innovations, underscoring how Chinese technology is shaping global finance's future through cross-border collaborations and cutting-edge technology integration.
The Mainland aside, Southeast Asia's rising stars will be present to showcase their tailored solutions for the region's unique markets, sharing success stories of fintech solutions crafted to meet the region's distinctive market needs. These vibrant discussions will highlight Southeast Asia's growing influence in the global fintech arena. The Middle East will also bring a wealth of strategic insights to the table, fostering innovation collaborations between Hong Kong and the region.
Hong Kong FinTech Week 2024 promises to be a melting pot of ideas, innovations, and collaborations for global communities. Attendees will have the opportunity to explore how frontiers like AI, tokenisation, blockchain, and green tech are tackling real-world challenges nowadays.
Another standout feature of the week is the Greater Bay Area day visit, an exclusive tour inviting international financial leaders, investors, and tech founders to explore the innovation ecosystems across Guangzhou, Shenzhen, and Hong Kong. This excursion will facilitate collaboration, knowledge sharing, exploration of investment prospects, and meaningful dialogues, fostering a day of productive networking.
Through various initiatives aimed at attracting and retaining strategic companies and talent, we are ready for positive results from the FinTech Week. The event this year will pave the way for connected, efficient, and sustainable global economic growth from fintech offerings. I therefore extend a very warm welcome to all of you to join us. Thank you.
