Hong Kong Customs Arrests Dealer for Unregistered Precious Metals Transactions Over HK$120,000

Hong Kong Customs detects case of precious metals and stones dealer carrying out specified transactions without registration

Hong Kong Customs yesterday (October 7) detected a case which involved a local company that conducted transactions of value-adding work on precious metals and stones with each transaction value exceeding HK$120,000 without aregistration under the Dealers in Precious Metals and Stones Regulatory Regime. The sole proprietor of the company was arrested.

The investigation is ongoing. The arrested person has been released on bail pending further investigation.

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 in Hong Kong 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 the Commissioner of Customs and Excise. Any dealer, other than a registrant, who claims to be a registrant, claims to be authorised to carry out, or carries out any cash or non-cash transaction(s) with total a value at or above HK$120,000 is liable to a maximum fine of HK$100,000 and imprisonment for six months upon conviction.

Hong Kong Customs reminds all dealers that the transitional period for registration under the Regime has ended. Any dealers in precious metals and stones must obtain the 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 the forms, procedures and guidelines to submit applications for registration, please visit the website for Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or Hong Kong Customs' webpage (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).

Members of the public may report any suspected transactions involving precious metals and stones with a total value at or above HK$120,000 conducted without the required registration to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Meeting attendance of members of District Councils in 2024

The Home Affairs Department (HAD) made the following clarifications today (January 2) regarding certain media reports on the meeting attendance of the current-term members of the District Councils (DCs) in 2024:

(1) The current-term DC members were diligent in their work, with over 98 per cent of 470 members having attended all DC meetings or were only absent with the DC's consent; over 90 per cent having attended all committee/working group meetings or were only absent with the DC's consent. Aside from attending DC meetings, each DC member on average attended 28 committee/working group meetings;

(2) all DC members fulfilled the requirement under the Performance Monitoring Guidelines for Members of the DCs (the Guidelines), i.e. attendance rate of not lower than 80 per cent and no DC members were in violation of the requirement; certain reports were incorrect in stating that some DC members were in violation of the Guidelines due to their absence at meetings since absence at an individual meeting was not a violation in itself; and

(3) for the purpose of calculating attendance, the Guidelines stipulate certain reasons for absence that would be consented by the DCs, including sickness and attendance at another meeting or an activity on behalf of the DCs etc. If a DC member were absent from meetings due to the aforementioned reasons with the DC's consent, the absence would not affect his/her attendance rate. If a DC member were absent from meetings due to other reasons (i.e. personal matters), the absence would be counted towards his/her attendance rate.

​The HAD hoped that media outlets and members of the public would have an accurate understanding of DC members' attendance situation at meetings. The current-term DC members' attendance rate at meetings was the highest amongst all previous terms, which fully demonstrated DC members' efforts and work in improving governance at the district level.