Hong Kong Customs detects case involving precious metals and stones dealer carrying out specified cash transaction without Category B registration
Hong Kong Customs yesterday (May 20) detected a case involving a local company that conducted a cash transaction of gold jewellery valued at over HK$120,000, while not being a Category B registrant under the Dealers in Precious Metals and Stones Regulatory Regime. An investigation is ongoing.
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 but 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).
Hong Kong Customs, Photo source: reference image
Hong Kong Customs combats sale of suspected infringing jewellery at fair booths
Hong Kong Customs today (September 20) conducted an enforcement operation at the JGW September (Jewellery & Gem World Hong Kong September) being held at the Hong Kong Convention and Exhibition Centre, seizing about 27 items of suspected infringing jewellery with a total estimated market value of about $160,000.
Customs received information alleging that infringing jewellery were displayed for sale at some booths at the JGW September which lasted for five consecutive days starting from September 16.
After an in-depth investigation and with the assistance of the copyright owner, Customs officers today seized 24 items of suspected infringing jewellery from a booth. Customs officers also conducted premises search at an associated company located at Hung Hom, further seizing three items of suspected infringing jewellery.
During the operation, one man and one woman, aged between 47 and 65, were arrested for being suspected of contravening the Copyright Ordinance. One of them is the person-in-charge and one of them is a staff member. An investigation is ongoing and the likelihood of further arrests is not ruled out.
Customs attaches great importance to combating counterfeiting and infringing activities and will deploy officers to different exhibitions to conduct inspections from time to time. Customs will contact the relevant trademark or copyright owners immediately to confirm the authenticity of the goods when suspected counterfeit or infringing goods are found. The department will also take enforcement action after investigations and with the assistance of the trademark or copyright owners.
Customs will continue to take stringent enforcement action. Booth exhibitors are reminded to respect intellectual property rights and not to sell counterfeit and infringing goods.
Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.
Under the Copyright Ordinance, any person who sells or possesses for sale an infringing copy of a copyright work commits an offence. The maximum penalty upon conviction is a fine of $50,000 for each piece of infringing goods and imprisonment for four years.
Members of the public may report any suspected counterfeiting 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).
Hong Kong Customs combats sale of suspected infringing jewellery at fair booths Source: HKSAR Government Press Releases
