Starting from 16 July 2018, those entering Hong Kong border checkpoints must declare cash exceeding HK$120,000.00 (US$15,300.00) under the newly implemented Cross-Boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance.
This new law was passed in June 2017 by Hong Kong’s Legislative Council in a bid to combat money laundering, and is also known internationally as “R32 measures”, according to local media reports.
According to Hong Kong’s Customs and Excise Department, cash-detecting dogs trained in Britain to detect the crisp scent of cash will be stationed at border crossings, including Hong Kong international airport.
Previously, Hong Kong imposed no restrictions on the inflow and outflow of cash and other bearer negotiable instruments to and from the territory. Therefore this new law will be the first of its kind in Hong Kong.
Failure to declare and disclose amounts exceeding over HK$120,000 may results in monetary fines ranging from HK$2,000 to HK$500,000, as well as jail time of up to two years.
Since 1991, Hong Kong has been a member of the international Financial Action Task Force (FATF) on Money Laundering, an intergovernmental organization created to combat money laundering and terrorist financing.
In total, 40 recommendations were made by the task force to combat money laundering and 9 special recommendations to counter terrorist financing.
For more information on the new requirement for travellers, contact our team at email@example.com.
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