Tag Archives: FATF
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
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.
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
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
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
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.
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
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
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