The Security Bureau today launched a three-month public consultation on setting up a reporting system on the physical cross-boundary transportation of large quantities of currency and bearer negotiable instruments.
The reporting system, also known as the R32 system, will enable law enforcement agencies to detect and stop the physical movement of illicit funds across the boundaries of different jurisdictions.
Passengers arriving in Hong Kong carrying currencies and bearer negotiable instruments over $120,000 should use the red channel and make a declaration. Those leaving Hong Kong will need to disclose the amount of currencies and bearer negotiable instruments carried when asked by a Customs officer.
People responsible for the import or export of cargoes containing currencies and bearer negotiable instruments above the threshold should make an advance declaration through an electronic system, in line with the existing systems for the clearance of cargoes.
This is an effort to move towards compliance with standards established under Recommendation 32 of the Financial Action Task Force. The task force has put in place 40 recommendations on anti-money laundering and counter-financing of terrorism.
Click here to read the consultation documents.
People can send in their views by email by October 20.
