Currency ordinance to launch

July 12, 2018

The Cross-boundary Movement of Physical Currency & Bearer Negotiable Instruments Ordinance will come into effect on July 16, the Customs & Excise Department said today.


Under the ordinance, a traveller who arrives in Hong Kong through a specified control point and is in possession of a large quantity of currency and bearer negotiable instruments (CBNIs) valued at more than $120,000 must make a written declaration.


People who are about to leave Hong Kong, or who arrive not through a specified control point, must disclose whether or not they are in possession of a large quantity of CBNIs upon the request of a Customs officer.


For a large quantity of CBNIs imported or exported in a cargo consignment, an advance declaration must be made through the Currency & Bearer Negotiable Instruments Declaration System on the department's website.


The ordinance will strengthen the prevention of money laundering and terrorist financing.


Those who fail to comply will be liable to a maximum penalty of two years' jail and a $500,000 fine.


In the first three months of the ordinance's implementation written warnings will be issued to those who breach the new requirements for the first time.


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