New Money Laundering Rules discussed by Hong Kong Authorities
In the end of July 2009, Hong Kong’s Securities and Futures Commission (SFC) announced that it is awaiting public views on the framework of a legislative proposal regarding the anti-money laundering regulatory regime for the financial sector.
The legislative proposal on anti-money laundering is aimed to address issues identified by the Financial Action Task Force (FATF) in 2008 during the SAR’s anti-money laundering regime evaluation.
The consultation document includes details of the financial institutions subjected to the proposed legislation, the customer due diligence and record-keeping obligations to be met, the regulatory authorities’ powers in supervising compliance, criminal and supervisory sanctions for breaches of the obligations, and a proposed licensing system for anti-money laundering regulatory purposes.
The bill is expected to be presented to the Legislative Council in Quarter 2 of 2010.