Company director arrested over unregistered $120,000 gold and jewelry transactions

Hong Kong Customs has arrested a local company director after uncovering unregistered transactions involving gold, platinum, and jewelry valued at more than HK$120,000.

The arrest was made on Monday (Jan 19). Customs said the individual has been released on bail pending further investigation.

Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, any person seeking to operate a business dealing in precious metals and stones is required to register with Customs before conducting any transaction valued at HK$120,000 or above, unless exempted.

An unregistered dealer who conducts, or claims to be authorized to conduct, a transaction at or above the threshold faces a maximum penalty of a HK$100,000 fine and six months’ imprisonment upon conviction.

Customs reminded dealers in precious metals and stones that they must obtain the relevant registration before carrying out any cash or non-cash transactions with a total value of HK$120,000 or above.