On 1 April 2023, the Precious Metals and Stones Registration Regime (“Regime”) came into effect following the passing of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022.

The Regime mandates that, subject to exceptions, any person (“Dealer”) who is seeking to carry on a business of dealing with precious metals and stones in Hong Kong and engage in transactions of at least HK$120,000 or above, in cash or non-cash, are required to register with the Commissioner of Customs and Excise. The Anti-Money Launder and Counter-Terrorist Financing Ordinance (“AMLO”) sets out registration obligations for Dealers, and Dealers who fail to comply with the obligations may be subject to disciplinary action by the Customs and Excise Department.

To know more, please read our latest article for this update prepared by our Partner, Charles To, our Associate, Tiffany Li, and our Trainee Solicitor, Hank Yeung.

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