Major Bust: Unregistered Watch Dealings Exposed!

In a shocking twist, Hong Kong Customs has arrested the director of a local company for allegedly conducting unauthorized watch transactions exceeding HK$120,000. This investigation, which unfolded on September 4, uncovers a layer of potential financial misconduct in the luxury market.

The Legal Framework: What You Need to Know!

Under Hong Kong's strict regulations introduced on April 1, 2023, anyone dealing in precious metals and stones, including watches, must be registered if their transactions total HK$120,000 or more. Violators face hefty fines of up to HK$100,000 and possible jail time of six months. This case serves as a stern reminder that compliance is not optional!

The Ongoing Investigation: What Lies Ahead?

While the arrested director has been released on bail, the investigation is still underway. Customs officials are urging the public to remain vigilant and report any suspicious activities involving precious metals and stones valued at or above HK$120,000. The Customs hotline is open 24/7 for tips.

The Bigger Picture: Regulatory Enforcement on the Rise!

This case not only highlights the necessity for registration but also showcases the Hong Kong government's commitment to tightening regulations within the luxury goods sector. It’s a wake-up call to dealers that compliance is paramount, and the authorities are keeping a watchful eye.

Stay Informed: Your Guide to Compliance!

For dealers and potential business owners in the precious metals and stones sector, up-to-date information on registration procedures can be found on the Customs website. Don't let ignorance become your downfall! Stay informed and ensure you're in compliance with the law.