A director of a local jewellery company has been arrested for allegedly breaching Hong Kong’s regulations on trading precious metals and stones, according to a statement from Hong Kong Customs released on May 13.
The arrest followed the discovery that the company had carried out several high-value transactions—each worth more than HK$120,000—without registering under the required regulatory framework.
The suspect has been released on bail as investigations continue.
The case relates to the Dealers in Precious Metals and Stones Regulatory Regime, which was launched on April 1, 2023. The regime is part of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615). It requires any individual or business dealing in precious metals or stones and conducting transactions of HK$120,000 or more—regardless of payment method—to register with the Commissioner of Customs and Excise.
Failing to register can result in a fine of up to HK$100,000 and a maximum of six months’ imprisonment upon conviction.
Hong Kong Customs emphasized that the regulation aims to strengthen safeguards against money laundering and terrorist financing in the jewellery trade. The investigation into the company and its director remains ongoing.
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