Updates on Hong Kong’s anti-money laundering laws

Foster Hong-Cheuk Yim and Ian Philip Lee

Journal of Money Laundering Control, 2018, vol. 21, issue 3, 290-296

Abstract: Purpose - The purpose of this study is to discuss the latest developments of anti-money laundering (AML) laws in terms of case law and intended legislation amendments. Design/methodology/approach - In terms of AML case law, the authors analyze three judgments from the Hong Kong Court of Final Appeal. In terms of the intended legislation amendments, the authors outline salient points from the two amendment bills submitted to the Legislative Council of Hong Kong. Findings - With the developments in AML case law and the intended legislation amendments, Hong Kong is expected to have a positive result in the Financial Action Task Force Mutual Evaluation in October/November 2018. Originality/value - A robust AML/counter-terrorist financing regime is the bedrock of Hong Kong’s reputable status as an international financial center. This paper seeks to illicit meaningful interactions amongst all stakeholders.

Keywords: Hong Kong; Anti-money laundering (AML); Beneficial ownership information; Customer due diligence (CCD); Designated non-financial businesses and professions (DNFBPs) (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-07-2017-0028

DOI: 10.1108/JMLC-07-2017-0028

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