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Money laundering study launched

January 06, 2017

The Government launched today two consultation exercises on legislative proposals to enhance the regulatory regime for combating money laundering and terrorist financing.

 

It will consult the public on a proposal to amend the Companies Ordinance to improve the transparency of beneficial ownership of companies incorporated in Hong Kong.

 

It will also consult stakeholders from affected industries on a proposal to amend the Anti-Money Laundering & Counter-Terrorist Financing (Financial Institutions) Ordinance.

 

The proposal requires designated non-financial businesses and professions to conduct customer due diligence when they engage in specified transactions.

 

The two legislative proposals are intended to bring Hong Kong’s regulatory regime in line with international requirements, as promoted by the Financial Action Task Force.

 

The task force is an inter-governmental body that sets international standards on combating money laundering and terrorist financing. Hong Kong has been a member since 1991.

 

The Financial Services & the Treasury Bureau said the proposals will enable Hong Kong to fulfil the obligations under the task force, and further reduce the risks of money laundering and terrorist financing in Hong Kong.

 

They will safeguard the integrity of Hong Kong as an international financial centre, adding to its credibility as a trusted and competitive place to invest and do business.

 

Both consultations end March 5. People can submit their views by email.



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