Advertisement

Travellers to Hong Kong must declare cash sums larger than HK$120,000 under new law to combat dirty money

Ordinance aimed at preventing criminal proceeds and terrorist funds from entering city takes effect in mid-July

Reading Time:2 minutes
Why you can trust SCMP
0
Travellers arriving in Hong Kong via one of several specified control points and carrying more than HK$120,000 in cash must make a written declaration to customs. Photo: Xiaomei Chen

Travellers in and out of Hong Kong will need to declare if they are carrying more than HK$120,000 (US$15,300) in cash, after a new law to tackle dirty money comes into force in mid-July.

The Security Bureau announced on Thursday that the Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Commencement) Notice and the Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Amendment of Schedule 1) Notice 2018 will be published in the gazette on Friday for tabling at the Legislative Council on March 28.

The ordinance will take effect from July 16.

Under the new law, which was passed by Legco in June last year and aims to prevent criminal proceeds and terrorist funds from entering the city, a traveller in possession of a large quantity of currency or bearer negotiable instruments valued at more than HK$120,000 arriving in Hong Kong via one of several specified control points must make a written declaration to customs.

Hong Kong and Macau regulators intensify efforts against money laundering, financial crime and terrorist funding

These points are Lo Wu, Hung Hom Station, Man Kam To boundary, Sha Tau Kok boundary, Hong Kong-Macau Ferry Terminal, China Ferry Terminal, Lok Ma Chau boundary, Hong Kong International Airport, Tuen Mun Ferry Terminal, Shenzhen Bay Port Hong Kong port area, Lok Ma Chau Spur Line, Kai Tak Cruise Terminal and Ocean Terminal.

Advertisement