The Assistant Commissioner (Intelligence and Investigation), Mr Woo Wai-kwan, (back row, fourth right) exchanged views with the Chinese Manufacturers’ Association of Hong Kong at an outreach meeting.
To fulfil Hong Kong's obligations under the Financial Action Task Force that sets international standards for combating money laundering and terrorist financing, the Government is committed to demonstrating its efforts by introducing a new registration regime for dealers in precious metals and stones under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615). Any person seeking to carry on a business of precious metals and precious stones including the carrying out of specified transactions (i.e. non-cash transactions at or above HK$120,000) or specified cash transactions (i.e. cash transactions at or above HK$120,000) in Hong Kong will be required to register with the Commissioner of Customs and Excise.
While the Amendment Bill was enacted by the Legislative Council on 7 December 2022, Customs has spared no effort in reaching out to the industry and related stakeholders to explain the legislative details. After several rounds of in-depth discussions, the representatives showed understanding and support to the regime and were ready to join hands with the department for a smooth implementation in 2023.
