If you’re someone who carries a lot of cash while travelling, then you might want to pay attention to the news that we’re about to share with you.
South Morning China Post reported that travellers going in and out of Hong Kong will have to declare if they are carrying more than HKD120,000 (approx. RM59,000) in cash. This new law, which will be effective starting 16 July 2018, is an effort to prevent black money from coming into Hong Kong.
Source: South Morning China Post
The law, passed by Legco in June last year (2017), aims to avoid criminal and terrorist funds from entering the city. So, any traveller arriving in Hong Kong at any of its specified control points with more than HKD120,000 will have to make a written declaration to customs. These control 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
- Ocean Terminal
However, if travellers arrive via a different terminal or are leaving the city, they must still declare if they have a large quantity of money with them. On the other hand, an advanced electronic declaration to customs must be made if the large sum of cash is being exported via cargo.
Source: Tianjin
If travellers fail to declare their money, it could lead to criminal prosecution as offenders can be given a maximum penalty of two years in prison and a fine of HKD500,000 (approx. RM24,000). Yikes!
“The ordinance establishes a declaration and disclosure system to detect the physical cross-boundary transportation of large quantities of CBNIs …fulfilling Hong Kong’s international obligation to implement Recommendation 32 of the Financial Action Task Force (FATF) for ensuring that terrorists and other criminals cannot finance their activities or launder criminal proceeds through such cross-boundary means,” a spokesman was quoted as saying.
So remember, if you’re carrying loads of cash to Hong Kong, don’t forget to submit a written declaration to avoid any trouble!
Also read: Your Flight Tickets From Changi Airport Will Cost More Starting July 2018, Here’s Why
