Updates on Hong Kong’s anti-money laundering laws 2020

Foster Hong-Cheuk Yim and Ian Philip Lee

Journal of Money Laundering Control, 2020, vol. 24, issue 1, 3-9

Abstract: Purpose - The purpose of this paper is to discuss the latest developments of anti-money laundering (AML) laws in terms of case law and to give meaningful response in relation to certain key findings (KFs) and recommendations by the financial action task force contained in its mutual evaluation report dated September 2019. Design/methodology/approach - In terms of AML case law, the authors analyse the latest judgment from the Hong Kong (HK) court of final appeal. In terms of the evaluation report, the authors outline salient points from the KFs and recommendation, commenting on their likelihood of success. Findings - With the developments in AML case law and the KFs identified, HK is expected to maintain its high standard in AML/counter financing of terrorism (CFT) compliance. Originality/value - A robust AML/CFT regime is the bedrock of HK’s reputable status as an international financial centre. This study seeks to illicit meaningful interactions amongst all stakeholders.

Keywords: Hong Kong (HK); Anti-money laundering (AML); Virtual asset service providers (VASPs); Mutual evaluation; Counter financing of terrorism (CFT); Targeted financial sanctions (TFS); Suspicious transaction reports (STRs); Letters of no consent (LNCs); Money service operators (MSO) (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-05-2020-0048

DOI: 10.1108/JMLC-05-2020-0048

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