Hong Kong Customs takes disciplinary actions against four licensed money service operators for breaching statutory requirements
The Customs and Excise Department (C&ED) today (September 3) took disciplinary actions, including issuing public reprimands and ordering remedial actions, againstfour licensed money service operators (MSOs) for breaching the statutory requirements as stipulated in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
Officers of the C&ED earlier discovered four MSOs failed to comply with the requirements of the Ordinance. One MSO failed to keep the related records of the remittance transaction, and to establish and maintain effective procedures for determining whether a customer or a beneficial owner of a customer is a politically exposed person, and to notify the Commissioner of the C&ED of a change in particulars of a bank account for provision of money service within a specific period of time.
One MSO failed to keep the related records of the remittance transactions, and to identify and verify the beneficial owner's identity of the originator or the person's authority to act on behalf of the customer before carrying out remittance transactions.
One MSO failed to identify and verify the customer's identity or the beneficial owner's identity of the customer, and/or the person's authority to act on behalf of the customer, before establishing business relationship with customers, and to record the recipient's address and/or the time of receipt of instruction before carrying out remittance transactions, and to notify the C&ED of the date of cessation of the money service operation at the premises specified in the licence within a specified period of time.
One MSO failed to notify the C&ED of a change in particulars of bank accounts for provision of money service within a specified period of time.
With regard to the above-mentioned contraventions, the C&ED has earlier prosecuted the MSOs. The department today further took disciplinary actions against them in order to send a deterrent message to the industry. The relevant Statement of Disciplinary Action is available on the website of the C&ED (eservices.customs.gov.hk/MSOS/common/enforcenew?request_locale=en).
The C&ED reminds all MSOs to comply with the statutory requirements as stipulated in the Ordinance. The maximum penalty upon conviction is a fine of $1 million and imprisonment for seven years.
In addition, the C&ED may take disciplinary action such as issuing a public reprimand, imposing a pecuniary penalty and ordering a remedial action against MSOs. The pecuniary penalty would not exceed the amount that is the greater of $10 million or three times the amount of the profit gained or costs avoided (whichever is the greater).
Hong Kong Maritime Week 2024 to be staged next week in tandem with TV mini-drama series "Maritime Mission"
The annual highlight of the Hong Kong maritime and port industry, Hong Kong Maritime Week 2024 (HKMW 2024), will be held from next Sunday for seven consecutive days (November 17 to 23). Riding on the theme "Navigating to a Greener Future" and featuring the tagline "Propel Hong Kong", HKMW 2024 will showcase the strong commitment of Hong Kong's maritime industry to sailing towards sustainable shipping and reinforce Hong Kong's status as an international maritime centre.
HKMW 2024 has received strong support from local, Mainland and international maritime organisations, bringing together government officials around the globe and prominent leaders from the international maritime sector. Over 50 industry and public events will be hosted by more than 80 marine organisations, focusing on Belt and Road development, building up of maritime talent pool, education and career, Greater Bay Area development, green shipping, Hong Kong's preferential tax regime, marine insurance, maritime law and arbitration, maritime technology, port and logistics, ship finance, ship management, shipping and maritime. Notably, Belt and Road development is a new theme added this year.
Major events worth highlighting are the Opening Ceremony of HKMW 2024 cum World Maritime Merchants Forum 2024; the Asian Logistics, Maritime and Aviation Conference; and the inaugural Global Maritime Trade Summit in Hong Kong. Dalian Maritime University's "Xin Hong Zhuan", the world's first intelligent research and training dual-purpose ship, will also make its debut visit to Hong Kong. Members of the public can make online reservations (p.nmg.com.hk/egnx15) for a free tour to gain a better understanding of the development of intelligent shipping and the nurturing of maritime talent.
With a view to stepping up publicity for HKMW 2024 and promoting Hong Kong's maritime industry, the Transport and Logistics Bureau (TLB) and Television Broadcasts Limited (TVB) have jointly produced a TV mini-drama series titled "Maritime Mission", comprising five episodes in total, each lasting two minutes. The programme will feature interviews with industry leaders, professionals and scholars, showcasing the solid strengths and advantages of Hong Kong's maritime industry while promoting how the Government and the trade are facilitating the long-term development of the industry through relevant initiatives and training programmes. Members of the Hong Kong Maritime and Port Board (HKMPB), such as Mr Wellington Koo, Mr Angad Banga, Mr Timothy Lee, Mr Edward Liu, and Captain Lothair Lam, and lecturer of the Hong Kong Polytechnic University Dr Judy Tong also took starring roles in the drama.
The drama series will be shown from next Monday (November 18) for five consecutive days on the following TVB channels and time slots. Programme replays are also available on the Facebook pages of the TLB and the HKMPB.
81 Jade - 9am and 2.30pm
82 TVB Plus - 2.15pm and 7pm (November 18, 19, 21 and 22) and 6.25pm (November 20)
83 TVB News Channel - 12.40pm, 4.45pm and 10.20pm
For more information on the HKMW and Hong Kong's maritime industry, please visit the websites of HKMW 2024 (www.hkmw.hk/tc/index.html) and the HKMPB (www.hkmpb.gov.hk/tc/index.html).
