Hong Kong Customs Promotes Precious Metals Regulation at Jewellery & Gem WORLD Exhibition

Hong Kong Customs to publicise Dealers in Precious Metals and Stones Regulatory Regime at jewellery exhibition

Hong Kong Customs will set up a booth at the Jewellery & Gem WORLD Hong Kong (JGW), to be held at the AsiaWorld-Expo, from tomorrow (September 16) for five consecutive days to publicise the Dealers in Precious Metals and Stones Regulatory Regime (the Regime), and will provide on-site counter services to assist non-Hong Kong dealers in submitting cash transaction reports during their participation in the exhibition.

According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime came into effect since April 1, 2023. Any person who is seeking to carry on a business of dealing in precious metals and stones and engage 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 at www.drs.customs.gov.hk by accessing the Dealers in Precious Metals and Stones Registration System. They can also download the related form at www.drs.customs.gov.hk/download/drsform/CED418_Form%208_Cash%20transaction%20report.pdf and then submit the report in person at Hong Kong Customs' booth in the JGW.

The Hong Kong Customs' booth (Booth 5B09) is located at Hall 5 of AsiaWorld-Expo and will be open from 10am to 6pm between September 16 and 19, and from 10am to 5pm on September 20.

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 jewellery exhibition Source: HKSAR Government Press Releases

EPD completes investigation on T·PARK's stack gas monitoring incident

Concerning the incident regarding the suspected short-term non-compliance of the total organic carbon (TOC) from certain T·PARK's flue stacks during the period from last October to this July, as compared with the emission standards set out in the contract, the Environmental Protection Department (EPD) today (December 30) announced the investigation findings.

The investigation revealed that, at the same time when the monitoring data of TOC collected from the operating flue stack exceeded the emission limits set out in the contract, TOC was also detected from the air inside the other non-operating flue stacks in the facility. Since the monitoring of organic carbon requires utilization of air from the surrounding environment in order to assist combustion, scientifically the monitoring data need to be corrected according to the organic carbon concentration in the ambient air before they can be compared with the standards. With the above correction, it is confirmed that the actual data of TOC from the operation of T·PARK had not exceeded the emission limit under the contract.

TOC generally refers to the total amount of carbon in all organic compounds. Vegetation, vehicles, paints, cooking and industrial activities, etc are common sources of TOC in the ambient air. TOC is not a parameter under the statutory Air Quality Objectives, in order to ensuring proper operation of the facility, the contract between the EPD and the contractor of T·PARK has set emission standards for TOC, and conduct continuous monitoring. During the period from last October to this July, there were a few occasions of suspected short-term non-compliance of TOC emission standards under the contract from certain T·PARK's flue stacks. As the contractor had different views on whether the emission of TOC from the facility had violated the contract provisions, the EPD had to conduct investigation into the incident.

As the relevant investigation has been completed, the EPD has reuploaded the environmental monitoring reports for the period from last October to this October to the website www.epd.gov.hk/epd/english/environmentinhk/waste/data/data_stf.html