Company director arrested over unregistered HK$120,000 watch deal
2026-04-09
9th April 2026 – (Hong Kong) Hong Kong Customs has arrested the director of a local company after uncovering a cash transaction involving a luxury watch valued at more than HK$120,000, carried out without the required registration under the city’s regulatory regime for precious metals and stones dealers.
The case came to light on 9th April, when Customs officers identified that the company had completed the high‑value cash sale despite not being registered as a Category B dealer under the Dealers in Precious Metals and Stones Regulatory Regime.
Investigations are continuing. The arrested director has been released on bail pending further enquiries.
Under the Anti‑Money Laundering and Counter‑Terrorist Financing Ordinance (Cap. 615), any person intending to conduct business in precious metals and stones in Hong Kong must register with Customs if engaging in transactions — whether cash or non‑cash — with a total value of HK$120,000 or above, unless specifically exempted.
The law stipulates that only Category B registrants are permitted to carry out cash transactions at or above the HK$120,000 threshold in the course of such business. Any unregistered dealer who falsely claims Category B status, purports to be authorised, or proceeds with a qualifying cash transaction commits an offence.
Offenders face a maximum penalty of a HK$100,000 fine and up to six months’ imprisonment upon conviction.
Sources: Dimsum Daily
