Hong Kong Customs detects smuggling case involving ocean-going vessel and electronic goods worth about $100 million
Hong Kong Customs on October 15 detected a suspected case of using an ocean-going vessel to smuggle goods to Taichung at the Kwai Chung Container Terminals. A large batch of suspected smuggled electronic goods with an estimated market value of about $100 million was seized.
Through intelligence analysis and risk assessment, Customs discovered that criminals intended to use ocean-going vessels to smuggle goods and thus formulated strategies to combat related activities.
On October 15, Customs officers identified an ocean-going vessel preparing to depart from Hong Kong for Taichung for inspection and seized a large batch of suspected smuggled goods, including computers, household gadgets, smart watches, integrated circuits and circuit boards inside a container which was declared as containing electronic accessories aboard the vessel.
An investigation is ongoing. The likelihood of arrests is not ruled out.
Customs is the primary agency responsible for tackling smuggling activities and has long been combating various smuggling activities on all fronts. Customs will keep up its enforcement action and continue to resolutely combat sea smuggling activities through proactive risk management and intelligence-based enforcement strategies, and carry out targeted anti-smuggling operations at suitable times to crack down on related crimes.
Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction.
Members of the public may report any suspected smuggling activities 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).
Hong Kong Customs detects smuggling case involving ocean-going vessel and electronic goods worth about $100 million Source: HKSAR Government Press Releases
Task Force on Promoting the Development of Asset and Wealth Management holds first meeting
The Task Force on Promoting the Development of Asset and Wealth Management, chaired by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, was established and convened its first meeting today (October 25).
Hong Kong is an international asset and wealth management (WAM) centre. To drive market development, the Financial Secretary has announced in the 2024-25 Budget the establishment of the Task Force to discuss with the industry measures for further developing the WAM industry. The Task Force comprises nine non-official members from the WAM industry, government officials, and representatives of financial regulators and relevant bodies.
The Chief Executive's 2024 Policy Address has set out the need to further enhance Hong Kong's status as an international WAM centre. In this respect, the Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds, single-family offices, etc. At its first meeting, the Task Force had a focused discussion on the proposed enhancements.
Mr Hui said, "As an international WAM centre, Hong Kong has long been a hub for global capital and family offices. As of end-2023, assets under management in Hong Kong reached over HK$31 trillion, and net fund inflows of close to HK$390 billion were registered, representing a year-on-year increase of over 3.4 times. Funding sourced from non-Hong Kong investors has consistently accounted for a high percentage, reflecting the confidence of international investors in Hong Kong's WAM industry. Also, market research estimates that Hong Kong is home to about 2 700 single-family offices, with over half of them set up by ultra-high-net-worth-individuals with a wealth of US$50 million or above.
"In view of the development trends in global finance, Hong Kong will continue to consolidate and enhance its competitive advantages and pursue continuous reforms. The Task Force brings together industry leaders and professionals, and I believe their valuable advice will help propel the long-term development of the WAM industry."
The membership of the Task Force is as follows, with the term of non-official members taking effect from October 25, 2024, for two years:
Chairman
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Secretary for Financial Services and the Treasury
Non-official members
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Mr Kent Chen
Mr Jiang Jingjing
Ms Lian Shaodong
Ms Luanne Lim
Ms Amy Lo
Ms Elisa Ng
Mr Murray Steel
Mr Peter Stein
Mr Sun Yu
Official members
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Permanent Secretary for Financial Services and the Treasury (Financial Services)
Commissioner of Inland Revenue
Deputy Chief Executive, Hong Kong Monetary Authority
Executive Director (Investment Products), Securities and Futures Commission
Executive Director (Policy), Mandatory Provident Fund Schemes Authority
Head of Equities Product Development, Hong Kong Exchanges and Clearing Limited
Executive Director, Financial Services Development Council
Task Force on Promoting the Development of Asset and Wealth Management holds first meeting Source: HKSAR Government Press Releases
