Hong Kong Customs Detects Unregistered Precious Metals and Stones Transactions Exceeding HK$120,000; Investigation Underway

Hong Kong Customs detects case of non-registered precious metals and stones dealer carrying out specified transactions

Hong Kong Customs yesterday (August 20) detected a case involving a local company that conducted transactions of gold, silver and jewellery containing precious metals and stones valued at over HK$120,000, without registration 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. 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 a total value at or above HK$120,000 is liable to a maximum fine of HK$100,000 and imprisonment for six months upon conviction.

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

Red tides sighted

Two red tides were sighted during the past week, the Inter-departmental Red Tide Working Group reported today (August 21).

On August 18, staff of the Environmental Protection Department spotted two red tides at Repulse Bay Beach and Deep Water Bay Beach, Hong Kong Island, respectively. Both red tides have dissipated and no associated fish deaths have been reported as of today.

A spokesman for the working group said, "Both red tides were formed by Phaeocystis globosa, which is commonly found in Hong Kong waters. According to literature overseas, the algal species can produce foam that may affect fish."

The Agriculture, Fisheries and Conservation Department (AFCD) urged mariculturists at the Lo Tik Wan, Sok Kwu Wan and Po Toi fish culture zones to monitor the situation closely and increase aeration where necessary.

Red tide is a natural phenomenon. The AFCD's proactive phytoplankton monitoring programme will continue to monitor red tide occurrences to minimise the impact on the mariculture industry and the public.

Source: AI-found images