Hong Kong Customs discovers case of non-registered rare-earth elements and stones dealership performing defined deals
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Hong Kong Customs the other day (September 10) found a case including a regional business that carried out deals of silver coins valued at over HK$ 120,000, without registration under the Dealers in Precious Metals and Stones Regulatory Regime. A director of the business was jailed.
The examination is continuous. The apprehended individual has actually been launched on bail.
According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime entered result on April 1, 2023. Anybody who is looking for to continue a service of handling rare-earth elements and stones in Hong Kong and participate in any deal(s) (whether making or getting a payment) with an overall worth at or above HK$ 120,000 in Hong Kong is needed to sign up with the Commissioner of Customs and Excise. Any dealership, aside from a registrant, who declares to be a registrant, declares to be authorised to perform, or performs any money or non-cash deal(s) with an overall worth at or above HK$ 120,000 is accountable to an optimum fine of HK$ 100,000 and jail time for 6 months upon conviction.
Customizeds advises dealerships in rare-earth elements and stones that they need to get the pertinent registration before they can perform any money or non-cash deal(s) with an overall worth at or above HK$ 120,000.
For the types, treatments and standards to send applications for registration, please check out the site for Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or Customs’ web page (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).
Members of the general public might report any believed deals including rare-earth elements and stones with an overall worth at or above HK$ 120,000 performed without the needed registration to Customs’ 24-hour hotline 182 8080 or its devoted crime-reporting e-mail account (crimereport@customs.gov.hk) or online kind (eform.cefs.gov.hk/ form/ced002).