Hong Kong Customs to Assist Precious Metals Dealers at Watch & Clock Fair with Regulatory Compliance.

Hong Kong Customs to publicise Dealers in Precious Metals and Stones Regulatory Regime at watch fair

Hong Kong Customs will set up a booth at the Hong Kong Watch & Clock Fair (HKWCF), to be held at the Hong Kong Convention and Exhibition Centre (HKCEC), from tomorrow (September 3) for five consecutive days to publicise the Dealers in Precious Metals and Stones Regulatory Regime, and will provide on-site counter services to assist non-Hong Kong dealers in submitting cash transaction reports during their participation in the fair.

According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime came into effect on April 1, 2023. Any person who is seeking to carry on a business of dealing in precious metals and stones and engages 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 and fulfil his/her anti-money laundering and counter-terrorist financing statutory obligations as appropriate. All dealers in precious metals and stones must successfully obtain a 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 non-Hong Kong dealers fulfilling the prescribed conditions (including those who come to Hong Kong to participate in exhibitions), although they are exempt from registration, they are required to submit to Hong Kong Customs a cash transaction report for any cash transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 carried out in Hong Kong within one day after the transaction, or before the dealer or the person acting on behalf of the dealer leaves Hong Kong, whichever is earlier.

Non-Hong Kong dealers can make an online submission of a cash transaction report via the Regime's webpage atwww.drs.customs.gov.hkby accessing the Dealers in Precious Metals and Stones Registration System. They can also download the related form atwww.drs.customs.gov.hk/download/drsform/CED418_Form%208_Cash%20transaction%20report.pdfand then submit the report in person at Hong Kong Customs' booth at the HKWCF.

The Hong Kong Customs' booth (Booth 1C-A37) is located at HKCEC Hall 1C and will be open from 10am to 6.30pm between September 3 and 6, and from 10am to 5.30pm on September 7.

Dealers can visit the website (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html) for more information about the Regime.

Hong Kong Customs to publicise Dealers in Precious Metals and Stones Regulatory Regime at watch fair Source: HKSAR Government Press Releases

Hong Kong Customs to publicise Dealers in Precious Metals and Stones Regulatory Regime at watch fair Source: HKSAR Government Press Releases

Correctional officers stop assault on person in custody

​Correctional Officers stopped four remand persons in custody assaulting another remand person in custody at Lai Chi Kok Reception Centre today (September 15).

At 9.37am today, four male remand persons in custody aged from 38 to 47 assaulted a 50-year-old male remand person in custody inside a dayroom. Officers at the scene immediately stopped the assailants and called for reinforcement.

During the incident, the victim sustained injuries to his head, chest and arm and was referred to a public hospital for further treatment after receiving examination and treatment at the institution hospital. The assailants did not sustain any injuries.

The case has been reported to the Police for investigation.

The five persons in custody were respectively remanded for the offences of trafficking in a dangerous drug, theft, burglary, etc.