HK$600 BILLION IN CASH DISCLOSED AT HONG KONG’S BORDERS SINCE NEW DECLARATION LAW TOOK EFFECT IN JULY

The South China Morning Post on 30th December reported that travellers and shippers are now required to declare any cash sum of more than HK$120,000 (US$15,600), and one sent in currency worth HK$3 billion (US$390,000) by air.  It reported that the amount declared is even larger than Hong Kong government spending for the current financial year and is equivalent to half of the city’s fiscal reserves, and that 96% of the total had been sent by financial institutions.  Amongst the details provided, it said that 8,126 individual travellers declared a total of HK$89.8 billion (US$11.6 billion), and that one visitor working in financial services declared HK$230 million and arrived by sea accompanied by hired guards – the cash being stored in waterproof bags and from another Asian country.

https://www.scmp.com/news/hong-kong/law-and-crime/article/2180019/hk600-billion-cash-disclosed-hong-kongs-borders-new

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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