The following is issued on behalf of the Hong Kong Monetary Authority: The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Alipay Financial Services (HK) Limi… read more
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (January 5) that the official foreign currency reserve assets of Hong Kong amounted to US$425.5 billion as at the end of December 2023 (end-November 2023: US$424.6 billion) (Annex).
There were no unsettled foreign exchange contracts at end-December 2023 (end-November 2023: US$0.2 billion).
The total foreign currency reserve assets of US$425.5 billion represent over five times the currency in circulation or about 40 per cent of Hong Kong dollar M3.
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At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with International Monetary Fund’s Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of January 2024, the scheduled dates for issuing the press releases are as follows:
| January 5 | SDDS International Reserves (Hong Kong’s Latest Foreign Currency Reserve Assets Figures) |
| January 12 | SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund) |
| January 31 | SDDS Template on International Reserves and Foreign Currency Liquidity |
| January 31 | Exchange Fund Abridged Balance Sheet and Currency Board Account |
The effective exchange rate index for the Hong Kong dollar on Friday, January 5, 2024 is 104.4 (up 0.2 against yesterday’s index). read more
The Environmental Protection Department (EPD) today (January 5) released the latest grading of water quality for four gazetted beaches that are open all year round for swimming.
Three beaches were rated as Good (Grade 1) and one as Fair (Grade 2).
Grade 1 beaches are:
| Clear Water Bay Second Beach | Golden Beach |
| Deep Water Bay Beach |
| Silverstrand Beach |
The Immigration Department (ImmD) mounted a series of territory-wide anti-illegal worker operations codenamed “Twilight”, and a joint operation with the Hong Kong Police Force codenamed “Windsand”, for three consecutive days from January 2 to yesterday (January 4). A total of eight suspected illegal workers and one suspected employer were arrested.
During the anti-illegal worker operations, ImmD Task Force officers raided 21 target locations, including a commercial building, industrial buildings, premises under renovation, residential buildings, restaurants and a retail shop. The arrested suspected illegal workers comprised four men and four women, aged 30 to 60. Among them, one man was suspected of using and being in possession of a forged Hong Kong identity card. Furthermore, one man, aged 34, was suspected of employing the illegal workers and was also arrested.
An ImmD spokesman said, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties.”
The spokesman warned, “As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment. Under the prevailing laws, it is an offence to use or possess a forged Hong Kong identity card or a Hong Kong identity card related to another person. Offenders are liable to prosecution and upon conviction face a maximum fine of $100,000 and up to 10 years’ imprisonment.”
The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.
According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.
Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.
