Hong Kong Customs finds case of non-registered rare-earth elements and stones dealership performing defined deals
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Hong Kong Customs the other day (July 2) spotted a case including a regional business that carried out deals of jewels and valuable items valued at over HK$ 120,000, without registration under the Dealers in Precious Metals and Stones Regulatory Regime. The business owner was apprehended.
An 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), unless excused, anybody who is looking for to continue a service of handling rare-earth elements and stones and takes 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. 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 responsible to an optimum fine of HK$ 100,000 and jail time for 6 months upon conviction.
Custom-mades advises dealerships in rare-earth elements and stones that they need to acquire the appropriate registration before they can perform any money or non-cash deal(s) with an overall worth at or above HK$ 120,000.
For the kinds, treatments and standards to send applications for registration, please go to 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 presumed deals including rare-earth elements and stones with an overall worth at or above HK$ 120,000 carried out 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 type (eform.cefs.gov.hk/ form/ced002).