Incoming passenger convicted and jailed for possessing duty-not-paid cigarettes
An incoming male passenger was sentenced to four weeks' imprisonment and fined $1,500 by the Fanling Magistrates' Courts yesterday (February 11) for possessing duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of the Dutiable Commodities Ordinance (DCO).
Customs officers intercepted a 60-year-old incoming male passenger at the Lok Ma Chau Spur Line Control Point on February 10 and seized 201 duty-not-paid cigarettes, with an estimated market value of about $820 and a duty potential of about $660, on his body. He was subsequently arrested.
Customs welcomes the sentence, noting that even a first-time offender may still be imprisoned. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences. Members of the public should not defy the law.
Customs reminds members of the public that under the DCO, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.
Members of the public may report any suspected illicit cigarette activities 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).
Incoming passenger convicted and jailed for possessing duty-not-paid cigarettes Source: HKSAR Government Press Releases
CBUAE and HKMA deepen financial co-operation and market connectivity
The following is issued on behalf of the Hong Kong Monetary Authority:
The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) convened their third meeting on February 11 (Abu Dhabi time) in Abu Dhabi, chaired by the Governor of the CBUAE, H.E. Khaled Mohamed Balama,and the Chief Executive of the HKMA, Mr Eddie Yue. The meeting comes as part of the ongoing joint efforts to further strengthen collaboration and connectivity between the financial services sectors of both jurisdictions, reflecting the depth of their institutional partnership and shared regulatory vision.
Building on the progress achieved from the second meeting held in Hong Kong in December 2024, the CBUAE and the HKMA conducted in-depth discussions covering several key areas. These included cross-border debt capital market connectivity; developments in digital assets, tokenisation, and central bank digital currency; as well as the development of regulatory frameworks for stablecoins; and supply chain financing.
The meeting was attended by Their Excellencies Assistant Governors and senior officials from both institutions, highlighting their shared commitment to advancing financial and technical co-operation to support the sector's sustainable development and to promote institutional co-ordination at the strategic and operational levels.
The CBUAE has formally joined the Central Moneymarkets Unit (CMU), Hong Kong's core central securities depository for debt securities, following the signing of the Memorandum of Understanding during the second meeting to establish debt capital market and the related financial market infrastructure connectivity. This provides the CBUAE and investors in the United Arab Emirates direct and cost-effective access to Chinese Mainland's capital markets and financial assets, leveraging Hong Kong's established financial infrastructure. It represents a major step forward in advancing market connectivity and deepening financial integration between the two regions.
H.E. Khaled Mohamed Balama said, "Our collaboration with the Hong Kong Monetary Authority reflects a shared commitment to strengthening crossborder financial market connectivity and international partnership. The CBUAE's membership in the Central Moneymarkets Unit enables access to Asian capital market and deeper engagement with other global financial centres,which supports diversifyinginvestment opportunities for market participants in the United Arab Emirates, and reinforcing the country's role as a leading international capital market hub. We value this partnership and look forward to continued co-operation that contributes to more resilient and better-connected financial markets."
Mr Yue added, "I am pleased to see the progress achieved to date in concretising our debt capital market connectivity,and am delighted to welcome the CBUAE as a member of the CMU. This underscores Hong Kong's position as a leading offshore Renminbi business hub, and a premier gateway for international investors to tap into the broader China and Asia markets. The co-operation between the two central banks demonstrates a clear vision for mutual growth and innovation. We look forward to the continued collaboration with the CBUAE in advancing the key initiatives discussed during our ongoing bilateral engagements."
CBUAE and HKMA deepen financial co-operation and market connectivity Source: HKSAR Government Press Releases
