As a global monetary centre, Hong Kong has lengthy been enjoying a key position in embracing free commerce, facilitating cash actions, and permitting companies from internationally to function comfortable. With a purpose to additional fight cash laundering and different unlawful technique of accumulating or offering funds for terrorist functions, the Customs and Excise Division will, with impact from 1 April 2023, implement a brand new registration regime for sellers in valuable metals and stones, requiring sellers who undertake transactions of valuable metals and stones valued at HK$120,000 or extra, to register with the Commissioner of Customs and Excise, and to abide by their authorized duties in combating cash laundering and terrorist financing. On this connection, now we have invited Ms Bronia Yip, Chairperson of Hong Kong Jewellery Producers’ Affiliation (HKJMA), to analyse the impression the laws would have on the trade, in addition to the trade’s assessments of the brand new measures.

Business helps the laws in enhancing commerce apply

On the finish of final yr, the Legislative Council handed the modification invoice for instituting the registration regime for sellers in valuable metals and stones. The brand new regime represents an additional step in perfecting Hong Kong’s anti-money laundering measures, stopping criminals from making any such unlawful strikes. As such, Ms Yip applauds the brand new association, noting that the trade is in assist of the laws.

“Though the laws would entail extra work in its implementation, Hong Kong is a member of the Monetary Motion Process Pressure, and has the duty to assist any such laws,”Ms Yip notes. “The brand new registration regime gives for guides to observe in such transactions. Moreover, there are stipulated sanctions that discourage unlawful acts, and supply for a safer buying and selling atmosphere.”

Laws secures trade compliance

Jewellery producers often deal with worthwhile valuable stones, with transactions involving substantial sums of cash in the middle of their enterprise. Ms Yip factors out that the trade has spared no effort in combating cash laundering. In actual fact, transactions in our trade seldom contain money, and prospects are largely long-term companions. The trade has additionally maintained shut contact and liaison internally, and would increase alert on suspicious prospects, thereby minimizing cash laundering threats.

“We take this laws modification severely and can collaborate carefully with the Customs and Excise Division,” Ms Yip elaborates. “We will remind and information our members to adjust to new tips, urge them to remain vigilant to giant money transactions, and encourage them to hunt recommendation from the authorities when doubtful.”