Hong Kong – Hong Kong Customs holds inaugural event of 2nd regard to Dealers in Precious Metals and Stones Sector Advisory Group (with pictures)

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Hong Kong Customs holds inaugural event of 2nd regard to Dealers in Precious Metals and Stones Sector Advisory Group (with pictures)

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Hong Kong Customs today (October 14) held the inaugural event of the 2nd regard to the Dealers in Precious Metals and Stones Sector Advisory Group at the Customs Headquarters Building. The Commissioner of Customs and Excise, Mr Chan Tsz-tat, officiated at the event and provided visit certificates to 17 non-official members from the rare-earth elements and stone market.

The Advisory Group is a non-statutory body making up main members from Customs and non-official members from the market, with a view to supplying both sides with a platform for exchanging views on the registration routine for rare-earth elements and stone dealerships. Custom-mades can likewise keep much better tabs on the market to press ahead with anti-money laundering and counter-terrorist funding work.

Mr Chan revealed thankfulness to members of the Advisory Group for their constant assistance, stating that the regulative routine for dealerships in rare-earth elements and stones has actually been commonly accepted by the market given that its application, suggesting a shared dedication to compliance within the market. Customizeds will continue to work together with the new-term Advisory Group in enhancing the compliance awareness of the market, combating anti-money laundering and counter-terrorist funding, and moving Hong Kong into a worldwide gold trading market by developing a transparent, robust and worldwide lined up regulative system, consequently enhancing Hong Kong’s status as a global monetary centre.

According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), unless excused, anybody who is looking for to continue a service of handling rare-earth elements and stones and take part 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 Hong Kong Customs. For information on the registration routine, please go to the site (www.drs.customs.gov.hk).