Source: Hong Kong Government special administrative region
Hong Kong Customs detects case involving precious metals and stones dealer carrying out both specified cash and non-cash transactions without registration
The investigation is ongoing. The arrested person has been released on bail.
According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), unless exempted, 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. In particular, no person other than a Category B registrant may carry out a cash transaction with a total value at or above HK$120,000 in the course of business of dealing in precious metals and stones.Issued at HKT 17:46
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