Related Custom Ordinance
According to the Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance, Chapter 629, Laws of Hong Kong (“the Ordinance”), any person arriving in Hong Kong at a specified control point set out in Schedule 1 to the Ordinance and in possession of a large quantity of currency and bearer negotiable instruments (“CBNIs”) (i.e. CBNIs of a total value more than HKD120,000), must make a written declaration to a Customs officer, using the Red Channel under the Red and Green Channel System.
Starting from 1 April 2023, any person (both local/ oversea) who is seeking to carry on a business of dealing in precious metals* and stones in Hong Kong and engage in any transaction(s) (whether the transaction is executed in a single operation or in several operations that are linked or appear to be linked) with total value at or above HKD120,000 in Hong Kong is required to register with the Commissioner of Customs and Excise.
*Precious metal: gold, silver, platinum, iridium, osmium, palladium, rhodium or ruthenium, in a manufactured or unmanufactured state
For dealers who carry out only cash or non-cash transaction(s) with total value below HKD120,000, NO registration is required. For example, a transaction involves a precious product sold for HKD200,000 with HKD100,000 paid by cash and HKD100,000 paid by credit card. It is neither a specified transaction nor a specified cash transaction, since the non-cash payment (i.e. credit card payment) is below HKD120,000 and the cash payment is also below HKD120,000.
For Hong Kong precious metals and stones dealers who have been in operation before commencement of the Regime are allowed to apply for registration within 9 months after commencement of the Regime (i.e. Apr – Dec 2023).
For Non-Hong Kong precious metals and stones dealers, they must file a cash transaction report which shall include travel information and particulars of the dealer and/or the person acting on behalf of the dealer (as appropriate), particulars of the customer and transaction details to the Customs and Excise Department for any specified cash transactions carried out within 1 day after the transaction, or the earliest time when the dealer or the person acting on behalf of the dealer leaves Hong Kong, whichever is earlier.