HKMA and DFSA Launch Inaugural Joint Climate Finance Conference to Promote Sustainable Investment and Collaboration.

HKMA and DFSA hold joint conference to strengthen sustainable finance collaboration

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) concluded their inaugural Joint Climate Finance Conference today (September 16). The hybrid conference, which took place in Hong Kong, brought together more than 240 participants from financial institutions, industry associations, and international organisations across both regions.

Under the theme "Building a Net-Zero Asia – Middle East Corridor", the event discussed the demand for, and the gap in, transition finance, and explored the opportunity for greater collaboration between Hong Kong and Dubai. It highlighted the vision for the net-zero transition in each market, and for encouraging investment into the transition.

The HKMA and the DFSA signed a Memorandum of Understanding (MOU) to further deepen their strategic partnership on sustainable finance. Through this partnership, both authorities will engage in enhanced cross-border dialogue, deepen the exchange of information on recent trends, and conduct joint research and events to further drive progress in this crucial area.

The Chief Executive of the HKMA, Mr Eddie Yue, said, "Climate change is a global challenge that requires a collaborative response. Hong Kong and Dubai, as the sustainable finance hubs in Asia and the Middle East, and the key gateways between East and West, can and should do more together. The inaugural conference is our first effort to build a 'Net-zero Asia – Middle East Corridor'. I look forward to many more fruitful collaborations between the HKMA and the DFSA."

The Chief Executive of the DFSA, Mr Ian Johnston, said, "As we strive to achieve net-zero targets, it is crucial to establish strong partnerships that allow for the exchange of expertise, regulatory alignment, and the promotion of sustainable investment opportunities. The signing of this MOU with the HKMA represents a pivotal step in reinforcing the co-operation between Dubai and Hong Kong in climate finance. Through its ambitious Economic Agenda D33, Dubai is committed to leading the charge on environmental, social, and governance initiatives. Today's signing is a testament to our shared ambition with Hong Kong to accelerate the transition towards a low-carbon economy."

The HKMA and the DFSA will continue working closely to promote sustainable finance, including transition finance. The enhanced partnership will support both regions in exploring opportunities to mobilise capital to support the green and sustainable growth of the wider economies.

HKMA and DFSA hold joint conference to strengthen sustainable finance collaboration Source: HKSAR Government Press Releases

HKMA and DFSA hold joint conference to strengthen sustainable finance collaboration Source: HKSAR Government Press Releases

HKMA and DFSA hold joint conference to strengthen sustainable finance collaboration Source: HKSAR Government Press Releases

HKMA and DFSA hold joint conference to strengthen sustainable finance collaboration Source: HKSAR Government Press Releases

Hong Kong Customs detects case of precious metals and stones dealer carrying out specified transactions without registration

Hong Kong Customs yesterday (October 7) detected a case which involved a local company that conducted transactions of value-adding work on precious metals and stones with each transaction value exceeding HK$120,000 without aregistration under the Dealers in Precious Metals and Stones Regulatory Regime. The sole proprietor of the company was arrested.

The investigation is ongoing. The arrested person has been released on bail pending further investigation.

According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime came into effect on April 1, 2023. Any person who is seeking to carry on a business of dealing in precious metals and stones in Hong Kong and engage in any transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 in Hong Kong is required to register with the Commissioner of Customs and Excise. Any dealer, other than a registrant, who claims to be a registrant, claims to be authorised to carry out, or carries out any cash or non-cash transaction(s) with total a value at or above HK$120,000 is liable to a maximum fine of HK$100,000 and imprisonment for six months upon conviction.

Hong Kong Customs reminds all dealers that the transitional period for registration under the Regime has ended. Any dealers in precious metals and stones must obtain the relevant registration before they can carry out any cash or non-cash transaction(s) with a total value at or above HK$120,000.

For the forms, procedures and guidelines to submit applications for registration, please visit the website for Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or Hong Kong Customs' webpage (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).

Members of the public may report any suspected transactions involving precious metals and stones with a total value at or above HK$120,000 conducted without the required registration to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).