New developments in Hong Kong’s anti-money laundering laws

David Kwok

Journal of Money Laundering Control, 2016, vol. 19, issue 3, 291-297

Abstract: Purpose - The purpose of this paper is to discuss briefly new developments in Hong Kong’s (HK) Anti-Money Laundering (AML) laws, both in terms of case law and legislation. Design/methodology/approach - In terms of case law, the author discusses two decisions given by HK’s Court of Final Appeal relating to the dealing of proceeds of crime offence. Also, a guideline case on sentencing is also examined. In terms of legislation, the author briefly outlines the main provisions of the newly enacted AML and Counter-Terrorist Financing (Financial Institutions) Ordinance. Findings - As suggested by the Financial Action Task Force, new measures need to be put in place. The AML laws, as they presently stand, need further improvement. Originality/value - A good AML regime is necessary as HK continues to thrive as a major financial/banking centre in Asia. This paper seeks to encourage more discussion on the topic.

Keywords: Hong Kong; Crime; AML; Sentencing; Financial institutions (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-06-2015-0023

DOI: 10.1108/JMLC-06-2015-0023

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