Retailers in Macao differ on whether their businesses might be affected if Hong Kong introduces a new money-laundering rule.
In a proposal of the Hong Kong government to crack down on money laundering, visitors to the territory should reveal to immigration officers the amount of cash being carried in and the source of the money. If the cash exceeds HK$150,000, the names and the sum will be recorded.
Some bird nest traders in Macao are concerned that the new policy, if put into effect, may have a negative impact on their business.
Mainland tourists, major buyers of bird nests, tend to travel here from Hong Kong. If they were questioned at the border, their shopping mood will be affected.
They said mainland tourists, who are used to making purchases in cash, contributed to the 20 percent increase in turnover last year.
However, some jewellery shops said the rule might only affect the gambling industry.
Customers usually buy luxury goods with just tens of thousands of dollars at most, much less than the HK$150,000 suggested for the new rule.
More importantly, after RMB denominated credit cards can be used here, there is little need to carry large amounts of cash across the border.
(China Daily HK Edition February 17, 2005)
