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𝗨𝗻𝗲𝗮𝗿𝘁𝗵𝗶𝗻𝗴 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 – 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴’𝘀 𝗟𝗮𝘁𝗲𝘀𝘁 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗣𝗿𝗲𝗰𝗶𝗼𝘂𝘀 𝗠𝗲𝘁𝗮𝗹𝘀 𝗮𝗻𝗱 𝗦𝘁𝗼𝗻𝗲𝘀 𝗗𝗲𝗮𝗹𝗲𝗿𝘀
20/04/2023
On 1 April 2023, the Precious Metals and Stones Registration Regime (“Regime”) came into effect following the passing of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022.
The Regime mandates that, subject to exceptions, any person (“Dealer”) who is seeking to carry on a business of dealing with precious metals and stones in Hong Kong and engage in transactions of at least HK$120,000 or above, in cash or non-cash, are required to register with the Commissioner of Customs and Excise. The Anti-Money Launder and Counter-Terrorist Financing Ordinance (“AMLO”) sets out registration obligations for Dealers, and Dealers who fail to comply with the obligations may be subject to disciplinary action by the Customs and Excise Department.
To know more, please read our latest article for this update prepared by our Partner, Charles To, our Associate, Tiffany Li, and our Trainee Solicitor, Hank Yeung.
Follow ELLALAN for more updates and news.
The Regime mandates that, subject to exceptions, any person (“Dealer”) who is seeking to carry on a business of dealing with precious metals and stones in Hong Kong and engage in transactions of at least HK$120,000 or above, in cash or non-cash, are required to register with the Commissioner of Customs and Excise. The Anti-Money Launder and Counter-Terrorist Financing Ordinance (“AMLO”) sets out registration obligations for Dealers, and Dealers who fail to comply with the obligations may be subject to disciplinary action by the Customs and Excise Department.
To know more, please read our latest article for this update prepared by our Partner, Charles To, our Associate, Tiffany Li, and our Trainee Solicitor, Hank Yeung.
Follow ELLALAN for more updates and news.
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