Proposed Amendments to Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Regulations13Jul2017
The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017 (“the Bill”) was introduced into the Legislative Council (“LegCo”) on 28 June 2017.
The Bill seeks to make enforceable against designated non-financial businesses and professions (including solicitors, foreign lawyers, accountants, estate agents and trust or company service providers) the observance of statutory customer due diligence and record-keeping requirements when engaging in certain transactions.
These amendments bring Hong Kong’s anti-money laundering and counter-terrorism financing regulation in line with the international standards set by the Financial Action Task Force (“FATF’), which reviews the effectiveness of such regulations as implemented by participating member countries.
The Bill also seeks to amend the Companies Ordinance (Cap. 622) to require that companies incorporated in Hong Kong (excluding listed companies) obtain and maintain beneficial ownership information.
If the Bill is passed by LegCo it is intended the amendments will be implemented from March 2018.
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Disclaimer: This publication is general in nature and is not intended to constitute legal advice. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.