Hong Kong Company Director Arrested for Illegal Cash Transactions of Precious Watches Over HK$120,000

Hong Kong Customs detects case involving precious metals and stones dealer carrying out specified cash transaction without Category B registration

Hong Kong Customs yesterday (March 23) detected a case involving a local company that conducted cash transactions of watches containing precious metals and stones valued at over HK$120,000, while not being a Category B registrant under the Dealers in Precious Metals and Stones Regulatory Regime. The company director was arrested.

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

According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), unless exempted, any person who is seeking to carry on a business of dealing in precious metals and stones 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 Hong Kong Customs.

In particular, no person other than a Category B registrant may carry out a cash transaction with a total value at or above HK$120,000 in the course of business of dealing in precious metals and stones. Any dealer who is not a Category B registrant, who claims to be a Category B registrant, claims to be authorised to carry out, or carries out any cash transaction(s) with a total value at or above HK$120,000, commits an offence and is liable on conviction to a maximum fine of HK$100,000 and imprisonment for six months.

Customs reminds dealers in precious metals and stones that they 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 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).

Source: AI-found images

Incoming passenger convicted and jailed for possessing duty-not-paid cigarettes

An incoming female passenger was sentenced to one month and two weeks' imprisonment and fined $1,000 by the Fanling Magistrates' Courts today (March 24) 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 an incoming 83-year-old female passenger at the Lo Wu Control Point on February 24 and seized 4 181 duty-not-paid cigarettes with an estimated market value of about $17,000 and a duty potential of about $14,000 from her trolley. The female passenger was subsequently arrested.

Customs welcomes the sentence. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences.

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

Incoming passenger convicted and jailed for possessing duty-not-paid cigarettes Source: HKSAR Government Press Releases