FATF Guidance in relation to the Risk Based Approach for Trust and Company Service providers – helping TCSPs design effective measures to manage money laundering/terrorist financing risks

The Financial Action Task Force (FATF) published updated guidance in relation to the Risk Based Approach (RBA) for Trust and Company Service Providers (TCSPs) on 26 June 2019 (the Guidance).  A copy of the Guidance can be found here. The Guidance has been developed to assist TCSPs professionals, practitioners with TCSPs as customers, and countries … Read more

(Great) legitimate expectation(s)?

On 22 May 2019, the Hong Kong Court of First Instance handed down a lengthy judgment in the high profile Madam Lo v HSBC Trustee case.  As well as grabbing the headlines, the case raised novel points of law which the judge had to grapple with. The result was full vindication for the trustee. Read more

HONG KONG COURT OF APPEAL REAFFIRMS NATURE OF BEDDOE APPLICATIONS

The Court of Appeal in Hong Kong has recently reaffirmed the nature of the Beddoe jurisdiction in Jong Yat Kit (as Sole Administrator of the Estate of Li Chung (Deceased) v Lee Man For and Ors (unrep, CACV 147/2017, [2018] HKCA 235). In adopting its previous decision in Re Mong Man Wai, Deceased [2013] 4 … Read more

Hong Kong: New licensing regime for trust and company service providers to come into force on 1 March 2018

The Companies Registry announced on 25 January 2018 that a new licensing regime for trust and company service providers (“TCSPs”) will come into force on 1 March 2018 under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (“AMLO”). A new regime requiring companies to keep and maintain Significant Controllers Registers will also come into … Read more

Regulators around the world become more vocal regarding the potential risks associated with ICOS

On 4 September 2017, seven major regulators governing the finance and technology sectors in China (collectively, the Chinese Regulators), jointly published an announcement prohibiting initial coin offerings (ICOs) in China. The following day, the Hong Kong Securities and Futures Commission (SFC) also made a statement on existing regulations which could be applicable to ICOs and … Read more

IFC Awards 2018 – shortlist now released

The IFC Awards 2018 has announced the finalists.  We are thrilled to have been shortlisted in Law firm of the Year – Asia.  There are many other trustees and firms who have been shortlisted across different categories. If you wish to vote for any of the finalists, click here: https://www.citywealthmag.com/awards/ifc-awards/voting Read more