Declaration of Carrying $120,000 to Hong Kong

The new legislation of Hong Kong, "The Physical Currency and Bearer Negotiable Instruments Cross-boundary Movement ordinance", will be effective on 16 July 2019.  Passengers arriving at Hong Kong specified control point listed in the schedule 1 of the Ordinance, if they possess a large amount of cash in a total value more than HK$120,000 (i.e. more than RMB 100,000), they must use the red channel under the red and green channel system, to make a written declaration to the customs regarding to the cash items.
 
Travelers who arrive at Hong Kong which is not through the specified control points, or who are about to leave Hong Kong are required to disclose the Customs whether they are in possession of large quantities of cash items;  if any, they must make a written declaration of the relevant cash items. The import or export of bulk cash items in the same batch of goods shall be declared electronically in advance to the Customs department.
 
Control points need to be declared include: Lo Wu Control Point, Hung Hom Station, Man Kam To Boundary Control Point, Sha Tau Kok Boundary Control Point, Hong Kong-Macau Ferry Terminal, China Ferry Terminal, Lok Ma Chau Boundary Control Point, Hong Kong International Airport, Tuen Mun Ferry Terminal, Shenzhen Bay Port Hong Kong Port Area, Lok Ma Chau Spur Line Control Point, and Kai Tak Cruise Terminal.
 
This new ordinance will be officially effective on 16 July 2019. The Ordinance establishes a reporting and disclosure system to detect cross-boundary transport of a large number of cash items and fulfill Hong Kong’s international responsibility to implement the 32nd recommendation of the Financial Action Action Task Force to combat illegally cross-border money laundering activities.
 
It is worth noting that if not declared or disclosed, the suspect can be fined 500,000 HK Dollars and imprisoned for 2 years upon conviction.