Tag Archives: FATF

SFC publishes AML/CFT inspection findings and urges intermediaries to ensure compliance

The Securities and Futures Commission (SFC) issued a circular on 31 August 2018 highlighting both deficiencies and good practices observed in relation to anti-money laundering and counter financing of terrorism (AML/CFT) compliance by licensed corporations (LCs) and associated entities (AEs). … Continue reading

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

Corporate Crime summer update 2018

Welcome to the summer 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters over July and August. 

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Filed under Announcements, Australia, Bribery and Corruption, Corporate Crime, EU, Hong Kong, India, Investigations, Korea, Middle East, Regulatory Reform, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Singapore, Thailand, US, Vietnam

SFC proposes to implement revisions to AML/CFT guidelines on 1 November 2018 ahead of FATF Hong Kong evaluation

On 5 July 2018, the Securities and Futures Commission (SFC) issued a consultation paper on proposals to amend the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (Main Guideline) and the Prevention of Money Laundering and Terrorist Financing Guideline issued by … Continue reading

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Filed under Announcements, Bribery and Corruption, Consultations, Corporate Crime, Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Corporate Crime update – May 2018

Welcome to the May 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. For the full update on each … Continue reading

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

AML/CFT COMPLIANCE A KEY FOCUS OF RECENT SUPERVISORY INSPECTIONS BY THE HONG KONG INSURANCE AUTHORITY

Late last week, the Hong Kong Insurance Authority (IA) published a circular setting out its key findings from anti-money laundering and counter-financing of terrorism (AML/CFT) onsite inspections of authorised insurers carrying on long term business. 

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

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 … Continue reading

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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

HONG KONG GOVERNMENT ISSUES IMPORTANT MONEY LAUNDERING AND TERRORIST FINANCING RISK ASSESSMENT

The government has this week published a comprehensive report detailing Hong Kong’s Money Laundering and Terrorist Financing (ML/TF) Risk Assessment. This is the product of a year’s consultation, data analysis and stakeholder engagement by the government.

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Filed under Asia, Bribery and Corruption, Corporate Crime, Hong Kong, Investigations, Sanctions and Money Laundering

NEW BENEFICIAL OWNERSHIP REGIME IN INDONESIA POSES COMPLIANCE RISKS FOR CORPORATES

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 … Continue reading

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Filed under Asia, Bribery and Corruption, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

HONG KONG ENHANCES ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCING REQUIREMENTS FOR NON-FINANCIAL INSTITUTIONS

From 1 March 2018, a number of Hong Kong businesses and professions will be subject to enhanced customer due diligence and record-keeping obligations in light of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance. The amendment introduces changes … Continue reading

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Filed under Announcements, Bribery and Corruption, Hong Kong, Sanctions and Money Laundering

Hong Kong government launches two consultations on legislative proposals to enhance regime for combatting money laundering and terrorist financing

Earlier this month, the Hong Kong government launched two consultations on legislative proposals aimed at bringing Hong Kong in line with international standards for combatting money laundering and terrorist financing.  With a mutual evaluation of Hong Kong’s regime with other … Continue reading

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