Hong Kong Customs is investigating a local company involved in several silver jewellery transactions, each exceeding HK$120,000, that were conducted without proper registration. The company failed to comply with the Dealers in Precious Metals and Stones Regulatory Regime, and the investigation is still ongoing.
As part of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), which took effect on April 1, 2023, the Regulatory Regime requires individuals or businesses dealing in precious metals and stones to register with the Commissioner of Customs and Excise if they plan to engage in transactions valued at or above HK$120,000. Failure to register, including falsely claiming registration or conducting unregistered transactions, can result in fines of up to HK$100,000 and a prison sentence of up to six months.
Customs officials stress that the transitional period for registration under the Regime has ended, and it is now essential for all dealers in precious metals and stones to obtain the necessary registration before engaging in any transactions above the HK$120,000 threshold.
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