The Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Commencement) Notice (the Commencement Notice) and the Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Amendment of Schedule 1) Notice 2018 (the Amendment Notice) will be published in the Gazette on Friday (March 23) for tabling at the Legislative Council on March 28.
     
     For the Commencement Notice, July 16, 2018 is appointed as the date on which the Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (the Ordinance) will come into operation. For the Amendment Notice, Ocean Terminal is added as a specified control point under the Ordinance.

     A spokesperson of the Security Bureau (SB) said, "Since the enactment of the Ordinance in June 2017, the SB and the Customs and Excise Department (C&ED) have been making preparation for commencing the Ordinance. Taking into account the progress, the Ordinance is ready to come into operation on July 16, 2018. Ocean Terminal, having put in place the Red and Green Channel System (RGCS) since July 2017, will be able to facilitate arriving travellers to make written declarations of currency and bearer negotiable instruments (CBNIs) in accordance with the Ordinance.
      
     "Before the commencement of the Ordinance, there will be public education and publicity measures on its requirements," the spokesperson added.
      
     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.  
      
     Under the Ordinance, a traveller in possession of a large quantity of CBNIs (i.e. the total value of which is more than HK$120,000) arriving in Hong Kong via a specified control point listed in Schedule 1 to the Ordinance, must make a written declaration of the CBNIs to the C&ED, using the Red Channel under the RGCS. If a traveller arrives in Hong Kong not via a specified control point, or is about to leave Hong Kong, he/she must disclose, upon the request of the C&ED, whether he/she is in possession of a large quantity of CBNIs and, if so, make a written declaration of the CBNIs. For a large quantity of CBNIs imported or exported in a cargo consignment, an advanced electronic declaration must be made to the C&ED.
      
     The FATF is an inter-governmental body setting standards on combating money laundering and terrorist financing through 40 recommendations for compliance by member jurisdictions, including Hong Kong.

Ends/Wednesday, March 21, 2018
Issued at HKT 16:45

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