The Government today gazetted two amendment bills to enhance Hong Kong’s regulation in combating money laundering and terrorist financing.
Under the Anti-Money Laundering & Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017, designated non-financial businesses and professions must meet statutory customer due diligence and record-keeping requirements when engaging in transactions.
The Companies (Amendment) Bill 2017 requires locally-incorporated companies to maintain beneficial ownership information.
The bills aim to bring Hong Kong’s regulatory regime up to date and in line with the international requirements set by the Financial Action Task Force.
The Financial Services & the Treasury Bureau said the proposals will help safeguard Hong Kong’s integrity as an international financial centre, and strengthen its credibility as a trusted and competitive place to do business.
The two bills will be tabled in the Legislative Council on June 28.
