Hong Kong Customs detects case involving precious metals and stones dealer carrying out specified cash transactions without Category B registration
Hong Kong Customs yesterday (October 8) 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. 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, 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
Mandatory insurance coverage on motor and employees' compensation extended to Huanggang Port Hong Kong Port Area
In connection with the official opening of the Huanggang Port on October 12, the Government has entered into a market agreement with 45 insurers to extend the scope of coverage of their existing mandatory motor and employees' compensation insurance policies to the Huanggang Port Hong Kong Port Area (HKPA). The agreement covers insurance policies required under section 4 of the Motor Vehicles Insurance (Third Party Risks) Ordinance (Cap. 272) and section 40 of the Employees' Compensation Ordinance (Cap. 282) respectively. The effective date is July 31, 2026, i.e. the day the Huanggang Port Hong Kong Port Area Ordinance (Cap. 659) came into operation.
The market agreement was signed between the Financial Services and the Treasury Bureau (FSTB) and individual insurers to expand the geographical limit under the existing mandatory motor and employees' compensation insurance policies to cover the HKPA without incurring any extra cost to policyholders.
A spokesperson for the FSTB said that this proactive collaboration of the FSTB with the Insurance Authority (IA) and the insurance industry eliminates potential public confusion by reaching a market agreement prior to the opening of the HKPA. This pragmatic arrangement is beneficial to the public in ensuring policyholders' continuous compliance with the mandatory insurance requirements while minimising the administrative burden on stakeholders.
The Huanggang Port Hong Kong Port Area Ordinance came into operation on July 31, 2026. Insurance policies, being private contracts, however are not automatically extended to cover the HKPA upon the commencement of the Ordinance. The Government has thus taken the initiative to negotiate, via the IA, with the insurance industry to extend the coverage of the mandatory insurance policies of motor and employees' compensation to include the HKPA at no additional premium to be paid by policyholders. This arrangement is similar to that made in 2007 for the Shenzhen Bay Port Hong Kong Port Area.
The FSTB expressed its sincere gratitude to the IA, the Hong Kong Federation of Insurers and the insurance industry for their strong support and collaboration throughout the process.
The public may refer to the website of the FSTB (www.fstb.gov.hk/fsb/en/business/other_matters/index.html) for the details of the aforementioned market agreement and the list of insurers which have signed the agreement.
Source: AI-found images
