A record would be kept of travelers entering Hong Kong with more than US$15,000 in cash as part of a global effort to curb money laundering and terrorist financing, the South China Morning Post reported.

Authorities will also be given wider powers to seize illicit cash if it is believed to be the proceeds of a serious crime, with a bill widening the scope of laws on money laundering to be introduced into Hong Kong's Legislative Council next year.

Hong Kong has opted for a so-called disclosure system, rather than mandatory currency declarations as seen in the U.S. and Canada.

Under the new system, Hong Kong customs officials can stop and question passengers about money they are bringing into Hong Kong and must keep a record of individuals carrying more than US$15,000, even if it is not related to a crime.

"People are not obliged to declare the money on crossing the border," Commissioner for Narcotics Rosanna Ure Lui Hang-sai said. "But if asked by customs officials, they have to disclose the cash, and a record will be kept."

The taskforce has said this must be executed either on a targeted basis, based on intelligence or suspicion, or at random.

The measures had been discussed with the Customs and Excise Department, which said it could take on the extra role without adversely affecting passenger flow, said Ure.

Source: Shenzhen Daily-Agencies