â€‹Hong Kong Customs detected a case which involved a local company having conducted a transaction of precious stones with total value above HK$120,000 without a registration during the Hong Kong International Diamond, Gem & Pearl Show held at AsiaWorld-Expo between February 27 and March 2. The investigation is ongoing and three arrested persons have been released on bail pending further investigation.

     This is the first case effected by Hong Kong Customs after the end of the nine-month transitional period for registration (i.e. April to December 2023) under the Dealers in Precious Metals and Stones Regulatory Regime (the Regime).

     According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime has come into effect since April 1, 2023. Any person who is seeking to carry out a business of dealing in precious metals and stones in Hong Kong, and engage in any transaction(s) (whether making or receiving a payment) with total value at or above HK$120,000 in Hong Kong is required to register with the Commissioner of Customs and Excise. Any dealer, other than a registrant, claims to be a registrant, claims to be authorised to carry out, or carries out any cash or non-cash transaction(s) with total value at or above HK$120,000 is liable on conviction to a maximum fine of HK$100,000 and imprisonment for six months.

     Hong Kong Customs reminds all dealers in precious metals and stones that, with the expiry of the transitional period, any dealer who submit their applications for registration from January 1, 2024 onwards must successfully obtain relevant registration before they can carry out any cash or non-cash transaction(s) with total value at or above HK$120,000.

     For the forms, procedures and guidelines to submit applications for registration, please visit the website for Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or the C&ED's webpage (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).

     Members of the public may report any suspected transactions involving precious metals and stones with total value at or above HK$120,000, conducted without the required registration to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/).

     Hong Kong and Bahrain signed an Investment Promotion and Protection Agreement (IPPA) in Manama, Bahrain today (March 3, Manama time) to strengthen mutual investment protection, with a view to enhancing confidence of investors, expanding investment flows and further strengthening the economic and trade ties between the two places.
      
     The Secretary for Commerce and Economic Development, Mr Algernon Yau, on his visit to Manama signed the IPPA with the Minister of Finance and National Economy of Bahrain, Shaikh Salman bin Khalifa Al Khalifa.
      
     Mr Yau said, "This IPPA is a milestone of strengthening investment links between Hong Kong and Bahrain, each being the respective predominant gateway to the vast and exciting investment opportunities of our respective regions. The signing of the IPPA also signifies the Hong Kong Special Administrative Region Government's commitment to the continual expansion of economic ties with Middle East economies, as heralded by the high level visit led by the Chief Executive to the region in February last year.
      
     "An IPPA enables investors of the two parties to enjoy corresponding protection of their investments in the host economies, and thus enhance investors' confidence in making investments abroad. Hong Kong has been making dedicated efforts to expand its network of IPPAs, in particular with countries along the Belt and Road and in the Middle East region, in order to enhance two-way investment flows and bring about economic growth and mutual prosperity," he added.
      
     Under the Agreement, the two governments undertake to provide investors of the other side with fair, equitable and non-discriminatory treatment of their investments, compensation in the event of expropriation of investments, and the right to free transfers abroad of investments and returns. The Agreement also provides for settlement of investment disputes under internationally accepted rules. The Agreement will enter into force after the fulfilment of the relevant internal procedures on both sides.
      
     Following the IPPA signed with Türkiye in October last year, the Hong Kong-Bahrain IPPA is the second such agreement that this term of Government has signed. It is also the 24th investment agreement that Hong Kong has signed with a foreign economy.
      
     Hong Kong has also signed IPPA with Kuwait and the United Arab Emirates in the Middle East region, the Association of Southeast Asian Nations, Australia, Austria, the Belgo-Luxembourg Economic Union, Canada, Chile, Denmark, Finland, France, Germany, Italy, Japan, Korea, Mexico, the Netherlands, New Zealand, Sweden, Switzerland, Thailand and the United Kingdom.
      
     With an aim to further enhancing Hong Kong's economic and trade network especially that in the Middle East region, the Government is currently conducting negotiations of an IPPA with Saudi Arabia and considering establishing an Economic and Trade Office in Riyadh, Saudi Arabia.
      
     Following the signing of the Hong Kong-Bahrain IPPA today, the geographical scope of the Dedicated Fund on Branding, Upgrading and Domestic Sales is also extended to cover Bahrain (as the 39th eligible economy) with immediate effect to further support Hong Kong enterprises in developing their businesses there.

    

     The "Immersive Hong Kong" roving exhibition opened in Kuala Lumpur, Malaysia, today (March 3). This is the third stop of the exhibition in the Association of Southeast Asian Nations (ASEAN), following that in Jakarta, Indonesia, and Bangkok, Thailand, in July and October last year respectively.
 
     Organised by the Information Services Department and themed "Hong Kong – Where the World Looks Ahead", the exhibition showcases the city's unique strengths, advantages and opportunities to the ASEAN community and invites them to explore the potential for business, investment and tourism in Hong Kong.

     Through interactive art technology, the "Immersive Hong Kong" exhibition enables visitors to immerse themselves in different visuals representing the city with a creative twist. The five thematic zones, namely "Financial Bridgehead", "I&T Brain Bank", "Blossoming Creativity", "Diversity and Greenery" and "Buzzing Sports Action", feature multiple interactive art projections, light box installations and naked eye 3D displays, presenting the multifaceted appeal of Hong Kong.
 
     Visitors can also enjoy Hong Kong's vibrant and colourful skyline, illustrated by Hong Kong artist Messy Desk (Jane Lee), at a photo corner in the venue. Promotional videos on Hong Kong and digital panels with information and insights from ASEAN companies and talent about their experiences in Hong Kong are also on display, explaining why the city is one of the most desirable places for visiting, living, working and investing.

     "The exhibition not only showcases to the Malaysian community the unique attractions of Hong Kong as a cosmopolitan city, but also demonstrates that the city is full of creativity and character. Visitors will be able to enjoy a new experience that features Hong Kong's latest developments and different facets," a spokesperson for the Information Services Department said.

     To encourage more people to visit Hong Kong, an interactive game, "Snap a cool shot @Immersive Hong Kong", is also featured as part of the exhibition. The top 400 winners will each receive an economy class round-trip air ticket from Kuala Lumpur to Hong Kong. The tickets are sponsored by Hong Kong International Airport's "World of Winners" Tickets Giveaway Campaign.

     The exhibition is set to run at Pavilion Bukit Jalil, a major shopping centre in the capital city, until March 10. Admission is free and visitors will be offered souvenirs during the event. More information on the exhibition is available on the dedicated page of the Brand Hong Kong website (www.brandhk.gov.hk/hkpromotion-asean2023-24).

                        

Attention TV/radio announcers:

Please broadcast the following as soon as possible:

Here is an item of interest to swimmers.

     The Leisure and Cultural Services Department announced today (March 3) that sewerage works will be carried out near Deep Water Bay Beach in Southern District, Hong Kong Island, and that the water quality at Deep Water Bay Beach and Repulse Bay Beach may potentially be affected. The red flags will be hoisted at Deep Water Bay Beach and Repulse Bay Beach from tomorrow (March 4) until further notice. Beachgoers are advised not to swim at the beaches.

     First aid service will be maintained at the beaches.

     The Deputy Secretary for Justice, Mr Cheung Kwok-kwan, will lead a delegation of the legal sector to Riyadh, Saudi Arabia tomorrow (March 4) for the inaugural Riyadh International Disputes Week (RIDW) to promote Hong Kong's strengths in legal and dispute resolution services, enhance exchanges and co-operation between Hong Kong and the relevant regions, and strengthen Hong Kong's status as the centre for international legal and dispute resolution  services in the Asia-Pacific region.
      
     This is the first time for the Department of Justice to lead a delegation to the Middle East to participate in an international legal and dispute resolution event, with a view to supporting the sector to explore opportunities under the Belt and Road Initiative.
      
     Members of the delegation include representatives from the Law Society of Hong Kong, the Hong Kong Bar Association, as well as the legal and dispute resolution industry.
      
     During the RIDW, Mr Cheung will address a thematic event and luncheon organised by the Hong Kong International Arbitration Centre, and attend the Third International Conference and Exhibition organised by the Saudi Center for Commercial Arbitration. He will also visit the local office of an international law firm to strengthen exchanges and co-operation between the two places.
      
     Mr Cheung will return to Hong Kong on March 7.