The safety Bureau declared on Thursday the Cross-boundary Motion of Actual physical Forex and Bearer Negotiable Devices Ordinance (Graduation) Observe and the Cross-boundary Movement of Physical Forex and Bearer Negotiable Instruments Ordinance (Modification of Schedule one) See 2018 are going to be printed while in the gazette on Friday for tabling with the Legislative Council on March 28.
The ordinance will just take impact from July 16.
Under the new legislation, which was passed by Legco in June previous calendar year and aims to avoid legal proceeds and terrorist resources from entering the city, a traveller in possession of a big amount of currency or bearer negotiable instruments valued at much more than HK$120,000 arriving in Hong Kong by means of a single of various specified regulate points must produce a composed declaration to customs.
Make the most of your stay in Hong Kong by planning your stop over with a night tour or transit tour in Hong Kong. Find out more details about the highlighted tours
These details are Lo Wu, Hung Hom Station, Person Kam To boundary, Sha Tau Kok boundary, Hong Kong-Macau Ferry Terminal, China Ferry Terminal, Lok Ma Chau boundary, Hong Kong Intercontinental Airport, Tuen Mun Ferry Terminal, Shenzhen Bay Port Hong Kong port region, Lok Ma Chau Spur Line, Kai Tak Cruise Terminal and Ocean Terminal.
If a traveller comes in Hong Kong via one more route, or is about to leave the city, they need to disclose should they are in possession of a large amount of currency or bearer negotiable devices.
For giant sums of cash or this sort of instruments imported or exported inside of a cargo consignment, an progress electronic declaration need to be manufactured to customs.
Failure to declare could lead to felony prosecution having a utmost penalty of two yrs in prison and a high-quality of HK$500,000.
“The ordinance establishes a declaration and disclosure system to detect the bodily cross-boundary transportation of enormous portions of CBNIs … fulfilling Hong Kong’s global obligation to put into practice Suggestion 32 of the Financial Motion Activity Pressure (FATF) for making sure that terrorists and various criminals can't finance their things to do or launder criminal proceeds as a result of these cross-boundary usually means,” the spokesman mentioned.
As of current, the payment app has surpassed the internationally famous payment service called PayPal.
Because 1991, Hong Kong has actually been a member from the FATF, an inter-governmental overall body that sets global specifications on anti-money-laundering actions and curbs on terrorist financing.
Your body made 40 recommendations and precisely needed member jurisdictions to determine by statute a declaration procedure to stymie the cross-boundary transportation of tough forex.
Inside of a former community consultation within the laws concerned, the safety Bureau received 28 published responses and fulfilled greater than 40 functions, like chambers of commerce and trade sectors.
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