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Enhancing Beneficial Ownership Regime and Extending AML Obligations in Hong Kong

 

Enhancing Beneficial Ownership Regime and Extending AML Obligations in Hong Kong

17 Nov 2017

Introduction

The Financial Services and the Treasury Bureau (“FSTB”) issued two consultation papers from 6 January to 5 March 2017 to enhance anti-money laundering and counter-terrorist financing (“AML/CTF”) regulation in Hong Kong and published the consultation conclusions on 13 April 2017. The consultations will amend the Companies Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (“AMLO”) to strengthen the Hong Kong AML legislation in accordance with the FATF recommendations. The bills to make the amendments are at the 3rd reading stage and it is expected that the Amendments will come into effect by 1 March 2018.

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