Incoming passenger convicted and jailed for possession of duty-not-paid cigarettes
An incoming male passenger was sentenced to two months' imprisonment and fined $1,000 by the West Kowloon Magistrates' Courts today (May 27) 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 31-year-old incoming male passenger at the Hong Kong International Airport yesterday (May 26) and seized about 35 000 sticks of duty-not-paid cigarettes, with an estimated market value of about $157,000 and a duty potential of about $115,000, from his personal baggage. The 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).
An incoming male passenger was sentenced to two months' imprisonment and fined $1,000 by the West Kowloon Magistrates' Courts today (May 27) for possession of duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of the Dutiable Commodities Ordinance. Photo shows the duty-not-paid cigarettes seized. Source: HKSAR Government Press Releases
Hong Kong tops cross-boundary wealth management centre in the world
According to the Global Wealth Report 2026 published by the Boston Consulting Group today (May 27), Hong Kong is now the world's largest cross-boundary wealth management centre. The Report further projects that, from 2025 to 2030, the cross-boundary wealth managed by Hong Kong will grow by 9 per cent on average annually and maintain first place globally, fully affirming Hong Kong's position as a world-leading cross-boundary wealth management centre.
The Financial Secretary, Mr Paul Chan, said, "The National 15th Five-Year Plan clearly supports Hong Kong in strengthening its functions as an international asset and wealth management centre, which is also a key component of Hong Kong's 'Finance +' development strategy. Over the past few years, the HKSAR Government has worked closely with the financial sector to continuously improve the financial infrastructure and ecosystem, expand the range of investment products and risk management tools, and deepen the connectivity with capital markets around the world. Currently, global investors are actively seeking diversified asset allocation. Leveraging the advantages of 'one country, two systems', complemented by free, open, transparent, and predictable economic policies as well as a stable and secure investment environment, and cross-market connectivity, Hong Kong is attracting more and more ultra-high-net-worth individuals and family offices (FOs) to establish a presence and invest in the city."
He said, "Benefiting from the wealth generated by technological innovation and the rapid development of industries related to artificial intelligence, demand for asset and wealth management in the Mainland and the Asian region is set to grow at an accelerated pace. This is expected to open up greater room for development for Hong Kong's asset and wealth management sector. The HKSAR Government will continue to grasp and propel this wave of development to consolidate and enhance Hong Kong's status and function as an international financial centre."
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The current term Government strives to reinforce Hong Kong's competitive advantages as a leading asset and wealth management centre. We issued the Policy Statement on Developing Family Office Businesses in Hong Kong in March 2023 and has since implemented various measures, such as providing profits tax concession to family-owned investment holding vehicles managed by eligible single FOs, introducing the New Capital Investment Entrant Scheme (New CIES). The Government will introduce legislative proposals into the Legislative Council next month to further enhance the preferential tax regimes for funds, single FOs and carried interest, so as to further enhance the competitiveness of the tax regimes, and attract more funds and FOs to set up and operate in Hong Kong."
He further said, "While global economic gravity shifts eastward, geopolitical tensions further highlight Hong Kong's role as a safe harbour, reflecting Hong Kong's appeal as an international financial centre. Amid the global environment of heightened geopolitical risks, we will work concertedly with the industry to continue driving the growth momentum of Hong Kong's asset and wealth management industry."
Asset and wealth management is a priority growth area for the financial services industry of Hong Kong. The current term Government has yielded fruitful results through implementation of various measures to develop a vibrant ecosystem for FOs and asset owners. The Government achieved early in September 2025 the target set in the Chief Executive's 2022 Policy Address of facilitating at least 200 FOs to set up operations or expand their business in Hong Kong by the end of 2025, and will strive to further facilitate at least 220 FOs to set up operations or expand in Hong Kong from 2026 to 2028. According to the findings of the study by the consultant commissioned by Invest Hong Kong published in February 2026, there were over 3 380 single FOs operating in Hong Kong as of end-2025. This represents an increase of about 680 offices, or more than 25 per cent, over the past two years. In addition, the New CIES has been steadily attracting global high-net-worth individuals and capital inflows to Hong Kong since its launch in March 2024. As of end-April 2026, Invest Hong Kong has received nearly 3 600 applications, representing an anticipated investment value of about HK$108 billion for the city, demonstrating Hong Kong's competitive edge in the global investment landscape and demonstrates the market's confidence in Hong Kong.
Source: AI-found images
