Travellers alert: new law on cross-border cash controls

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:-

• Persons arriving in Hong Kong at specified control points