28th March 2025 – (Hong Kong) Hong Kong Customs unveiled a case yesterday, dated 27th March, involving a local company engaged in numerous transactions of precious stones and diamond jewellery, each exceeding HK$120,000 in value. Notably, these transactions were conducted without proper registration under the Dealers in Precious Metals and Stones Regulatory Regime, leading to the arrest of a company director.
The investigation remains ongoing, with the arrested individual released on bail pending further inquiries.
In accordance with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime, effective from 1st April, 2023, mandates that any individual intending to conduct business involving precious metals and stones in Hong Kong and engaging in transactions valued at or above HK$120,000 must register with the Commissioner of Customs and Excise. Failure to comply can result in severe penalties, including a maximum fine of HK$100,000 and up to six months of imprisonment upon conviction for unauthorized transactions.
Hong Kong Customs issues a stern reminder to all dealers that the transitional period for registration under the Regime has lapsed. It is imperative for dealers in precious metals and stones to secure the necessary registration before engaging in any cash or non-cash transactions exceeding HK$120,000 in total value.