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The Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (“Ordinance”) will come into operation on 16 July 2018.
The Ordinance, which implements the recommendation made by the Financial Action Task Force, establishes a declaration/disclosure system to detect the physical cross-boundary transportation of large quantities of currency and bearer negotiable instruments (“CBNIs”). The purpose of the Ordinance is to ensure that terrorists and other criminals cannot finance their activities or launder crime proceeds through the physical cross-boundary transportation of CBNIs.
The Ordinance
The basic applicability of the Ordinance and some of its salient features are highlighted below:-
The Ordinance does not prohibit members of the public to bring large quantities of CBNIs into and out of Hong Kong. They only need to report if the designated threshold is exceeded. Given the prevalent use of CBNIs in cross-border transactions, travellers in possession of sums larger than HK$120,000 are reminded to make a written declaration to the CED to avoid incurring criminal liability after the Ordinance comes into effect in two months’ time.
[1] Lo Wu Control Point, Hung Hom Station, Man Kam To Boundary Control Point, Sha Tau Kok Boundary Control Point, Hong Kong-Macau Ferry Terminal, China Ferry Terminal, Lok Ma Chau Boundary Control Point, Hong Kong International Airport, Tuen Mun Ferry Terminal, Shenzhen Bay Port Hong Kong Port Area, Lok Ma Chau Spur Line Control Point, Kai Tak Cruise Terminal and Ocean Terminal.
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