People's Republic of China-Hong Kong Special Administrative Region: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2008/360, IMF Staff Country Reports from International Monetary Fund

Abstract: This report on the Observance of Standards and Codes on the Financial Action Task Force (FATF) on money laundering (ML) recommendations discusses antimoney laundering and combating the financing of terrorism for the People’s Republic of China (PRC). Hong Kong has a good legal structure to combat ML and terrorist financing (TF). The laundering of drug proceeds has declined and is increasingly derived from trafficking for domestic use. Hong Kong has implemented the provisions of the Vienna and Palermo Conventions, but shortcomings exist in implementation of the Terrorist Financing Convention.

Keywords: ISCR; CR; Hong Kong government; CFT obligation; TF offence; CFT regime; CFT policy committee; CFT system; predicate offence; due diligence; extradition regime; oversight regime; risk assessment; Hong Kong authority; confiscation regime; record-keeping regime; law enforcement effort; Hong Kong police force; ML offence; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Terrorism financing; Remittances; Money laundering (search for similar items in EconPapers)
Pages: 26
Date: 2008-11-14
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