In the latest issue of its SFC Compliance Bulletin: Intermediaries published on 16 May 2018, the Securities and Futures Commission (SFC) provides an update on the implementation of the Manager-in-Charge (MIC) regime and announces that it will conduct a thematic review of licensed corporations’ (LC) management structure and effectiveness. Continue reading
HONG KONG SFC PROVIDES UPDATE ON MIC REGIME AND ANNOUNCES THEMATIC REVIEW OF LICENSED CORPORATIONS’ GOVERNANCE
MONEY LAUNDERING AND TERRORIST FINANCING RISKS FACING HONG KONG’S FINANCIAL INSTITUTIONS AND PAYMENT SYSTEMS
The Hong Kong government has published a report detailing the money laundering (ML) and terrorist financing (TF) risk assessment of Hong Kong. This follows the recommendations of the Financial Action Task Force (FATF) that jurisdictions identify and assess their ML/TF risks and apply mitigating measures, and is a pre-cursor to the FATF’s onsite evaluation of Hong Kong’s ML/TF safeguards, scheduled to take place this autumn.
The report examines the ML/TF threats and vulnerabilities facing Hong Kong as a whole as well as specific sectors. The key aspects of the report are highlighted in our e-bulletin of 4 May 2018. In a follow-up e-bulletin (please click here to access), we provide an overview of the report’s findings in relation to financial institutions and payment systems.
Among others, the Securities and Futures Commission, the Hong Kong Monetary Authority and the Insurance Authority have issued circulars to alert the entities under their purview of the report and provide guidance.
Jackie LamAssociate, Hong Kong
+852 2101 4194
What this means for you
Initial Coin Offering (ICO) issuers have been placed on notice that from 19 April 2018, the Australian Competition and Consumer Commission (ACCC) has delegated powers to the Australian Securities and Investments Commission (ASIC) to enable ASIC to take action under the Australian Consumer Law (ACL) relating to crypto-assets. See ASIC’s Media Release 18-122MR.
This new power enables ASIC to take action against entities using ICOs to raise funds, for conduct that is misleading and deceptive, including making false or inaccurate statements in white papers. The new delegated powers are applicable to both crypto ‘currency’ and to crypto ‘tokens’. Continue reading
Blockchain technology is ushering in a new epoch of monetary oversight, creating opportunities and challenges for regulators in a world disrupted by the advent of cryptocurrencies
As of 3 May 2018, according to CoinMarketCap, the current market capitalisation of Bitcoin and all other cryptocurrencies stands at USD409 billion. 193 cryptocurrency exchanges are now operating globally, located in many jurisdictions from South Korea to the Seychelles. Initial coin offerings (ICOs) have also flourished as a fundraising method. ICO funding for the first quarter of 2018 was USD6.3 billion, almost 20 percent higher than the previous year, according to Coindesk.
Welcome to the April 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Below we provide a brief overview of what is covered in each update. Continue reading
Effective from 5 March 2018, all corporations in Indonesia are required to disclose at least one person as their beneficial owner upon registering for business, pursuant to the Presidential Regulation (Perpres 13/2018) signed by President Joko Widodo on 1 March 2018. Continue reading