The Declaration and Disclosure System on the Cross-Boundary Movement of Large Quantities of Physical Currency and Bearer Negotiable Instruments
Introduction
The Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Cap. 629) (the Ordinance), being effective from 16 July 2018, establishes a declaration and disclosure system on the cross-boundary transportation of large quantities of currency and bearer negotiable instruments (CBNIs) into and out of Hong Kong for the purposes of anti-money laundering and counter-financing of terrorism.
According to the Ordinance, any person arriving at Hong Kong’s control points and in possession of currency or bearer negotiable instruments (such as traveller’s cheques) with a total value of more than HKD120,000, is required to use the Red Channel under the Red and Green Channel System to make a written declaration to a Customs officer. Other arriving persons and persons leaving Hong Kong are also required to make a disclosure if requested by a Customs officer. Advance online declaration is required for import or export in a cargo consignment. Offenders may be prosecuted. For details, please visit www.customs.gov.hk/en/passenger_clearance/instruments/index.html.
Besides, an advance electronic declaration must be made to the Customs and Excise Department via the Currency and Bearer Negotiable Instruments Declaration System for importing or exporting on a cross-boundary conveyance a large quantity of CBNIs (i.e. CBNIs of a total value more than HKD120,000) as cargo in one batch. For details, please visit www.customs.gov.hk/en/cargo_clearance/instruments/index.html.