MONDAY, JANUARY 16, 1989
3
MOVE TO PLUG LOOPHOLES IN MONEY CHANGERS LAW
* *
THE MONEY CHANGERS
ORDINANCE IS TO BE REVISED ΤΟ PROVIDE BETTER PROTECTION FOR TOURISTS AND OTHERS WHO CHANGE FOREIGN CURRENCY.
SAID THE SECRETARY FOR TRADE AND INDUSTRY, MR HAMISH MACLEOD,
IDENTIFIED IN THE MONEY CHANGERS TODAY (MONDAY) THAT DEFICIENCIES
LOOPHOLES AND ORDINANCE NEEDED AMENDMENT TO REMOVE A NUMBER OF LEGAL AMBIGUITIES,
THE
THE PROBLEM HAD FOUND THAT A WORKING GROUP SET UP TO STUDY
OR MISLEADING INFORMATION, SOME MONEY CHANGERS WERE PROVIDING FALSE
WITH OTHER
OF PROVISIONS TO COMPLY
ORDINANCE. AND FAILING DIFFICULTIES IN ENFORCEMENT MEANT THAT THESE INFRINGEMENTS OF THE WERE NOT BEING PUNISHED, AND THE LAW WAS BEING FLOUTED.
LAW
COUNCIL FROM THE CIVIL
BY THE SECRETARY FOR THE WORKING GROUP, ESTABLISHED IN 1986 TRADE AND INDUSTRY, COMPRISED REPRESENTATIVES OF THE CONSUMER
AND ASSOCIATION,
OFFICIALS AND
KONG THE HONG
TOURIST ECONOMIC SERVICES BRANCH, THE ROYAL HONG KONG POLICE FORCE, THE AVIATION DEPARTMENT AND THE LEGAL DEPARTMENT.
SHOULD
BE
ORDINANCE
THE NOTICE BOARD CLEAR IDEA OF THE
THE THAT THE WORKING GROUP RECOMMENDED AMENDED TO SPECIFY PRECISELY WHAT MUST BE SHOWN ON AND THE TRANSACTION NOTE SO THAT CUSTOMERS HAD A TERMS OF THE EXCHANGE OF MONEY.
THE MAIN PROVISIONS OF A NEW BILL DUE TO BE GAZETTE INCLUDE
PUBLISHED IN THE
A
REQUIREMENT
THAT
TRANSACTION
FINALISED.
A MONEY NOTE BEFORE THE
ΤΟ THE NOTE IS
CHANGER
EXCHANGE
MUST
BE
COMPLETE TRANSACTION BILINGUAL AND
A
IS EASILY
UNDERSTOOD:
*
THE MONEY CHANGER MUST ONLY USE NET RATES OF EXCHANGE,
THAT
IS AFTER DEDUCTING ALL CHARGES AND COMMISSIONS, IN THE NOTE;
DISPLAYING CLEARLY FOR
THE MONEY CHANGER MUST MAINTAIN A BOARD
OF THE NET
RATES BUYING AND SELLING CURRENCIES LISTED IN A SCHEDULE TO THE BILL.
EXCHANGE,
ON THE BOARD, THE MONEY NET RATES
FOR OTHER CURRENCIES NOT LISTED CHANGER MUST ADVISE A CUSTOMER IN WRITING OF THE HF IS PREPARED TO OFFER:
MONEY CHANGER FROM
DISPLAYING FALSE OR MISLEADING
A NEW CLAUSE PROHIBITING A FALSE OR MISLEADING NOTICES OR MAKING STATEMENTS;
DIRECTORS,
MANAGERS
THE EXTENSION OF CRIMINAL LIABILITY TO OR SECRETARIES OF CORPORATE MONEY CHANGERS.
/AT A