A clear and concise collected volume of all the annotated ordinances for practitioners, banking and corporate professionals, financers and investors in Hong Kong.
Money-laundering is prevalent and has been an increasing concern in Hong Kong, with rates far exceeding the global average. The Hong Kong Anti-Money Laundering Ordinances: Commentary and Annotations encompasses the latest materials on the three major Anti-Money Laundering Ordinances: Drug Trafficking (Recovery of Proceeds) Ordinance (Cap 405); Organized and Serious Crimes Ordinance (Cap 455); and Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap 615).
The 2nd Edition is fully updated: reviewing and analyzing the recent updates and amendments that affect the Ordinance with cross-referencing to corresponding laws:
1. Applications and references to the corresponding sections to the: Companies Ordinance (Cap.622); Securities and Futures Ordinances (Cap.571); Banking Ordinance (Cap.155); Inland Revenue Ordinance (Cap.112); as well as international anti-money laundering standards;
2. Firms/Financial Institutions duty to comply with the AMLO – Revised rules and regulations to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation;
3. Updated requirements of Firms/Financial Institutions (i.e. banks) to take preventative or mitigating measures commensurate with the nature and scope of the money laundering or terrorist- financing risks by identifying high-risk clients;
4. Revised customer due diligence measures (CDD) which must be undertaken and complied with prior to establishing any business relationship or conducting with, or conducting occasional transactions for customers;
5. New amendment of the AMLO to prescribe the statutory CDD and record-keeping requirements applicable to solicitors, accountants, real estate agents and trust and company service providers (“Designated Professions”) when they engage in specified transactions;
6. New amendments that require Firms/Financial Institutions to establish and maintain adequate and appropriate risk-based controls to address trade-based money laundering risks as well as develop written policies and procedures to assess and mitigate money laundering risks arising from trade-related activities;
7. Proposed amendments to the Companies Ordinance (Cap.622) to require companies incorporated in Hong Kong to maintain beneficial ownership information.
ProView eBook Exclusive Content:
1. The Monetary Authority’s Guideline on Anti-Money Laundering and Counter-Terrorist Financing (For Authorized Institutions);
2. The Securities and Futures Commission’s Guideline on Anti- Money Laundering and Counter-Terrorist Financing (For Licensed Corporations);
3. The Insurance Authority’s Guideline on Anti-Money Laundering and Counter- Terrorist Financing (For authorized insurers, reinsurers, appointed insurance agents and authorized insurance brokers carrying on or advising on long term business); and
4. Guidance Paper on Combating Trade-based Money Laundering
