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.

 

William Hallatt
William Hallatt
Head of Financial Services Regulatory, Hong Kong
Email | Profile
+852 2101 4036
Vicky Man
Vicky Man
Senior Associate, Hong Kong
Email | Profile
+852 2101 4243
Jackie Lam
Jackie Lam
Associate, Hong Kong
Email
+852 2101 4194

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Filed under Asia, Bribery and Corruption, Corporate Crime, Hong Kong, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

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