Hong Kong Customs to publicise Dealers in Precious Metals and Stones Regulatory Regime at jewellery exhibition (with photos)
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Hong Kong Customs will set up a booth at the JMA Hong Kong International Jewelry Show (JMA), to be held at the Hong Kong Convention and Exhibition Centre (HKCEC), from tomorrow (November 28) for four 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 on 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 at the JMA.
The Hong Kong Customs’ booth (Booth 1CON01) is located at HKCEC Hall 1 Concourse and will be open from 10am to 6.30pm on November 28, from 10am to 7pm on November 29 and November 30, and from 10am to 6.30pm on December 1.
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.