Govt moots cash declaration law for travellers

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Govt moots cash declaration law for travellers

People travelling in and out of Hong Kong, who fail to declare they are carrying HK$120,000 or more, could face prison terms under a new law proposed by the government.

The aim of the law is to tackle money laundering and financing of terrorists. Cash, cheques and traveller cheques would all need to be declared. 

During a meeting of the Legislative Council’s Panel on Security, the Under Secretary for Security, John Lee, told lawmakers that the initial proposal was to bring in a HK$2,000 fine for minor offences committed by first offenders, but serious cases or repeat offenders could be jailed for a maximum of two years. 

He told RTHK’s Damon Pang that the proposed law would not cause much inconvenience to travellers as there was no limit on how much money they could carry as long as they declared it.

The government is scheduled to table the bill in the next Legislative Council session.

The proposal was first suggested to lawmakers last year, but many of them said the limit was too low. 

Democratic Party legislator and panel member, James To, said he understood the need for the Hong Kong government to fulfill its international treaty obligations. 

But he said he was concerned that tourists, especially from the mainland, may not like the idea of having to declare the amount of cash they are carrying.

 

 

Source : News.rthk.hk, Govt moots cash declaration law for travellers

 

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