Hong Kong has been known as one of the centers of trade and commerce in the Asia Pacific. It has developed a dynamic and active economic environment for investors from all parts of the world. It continues to attract businesses and financial institutions who wish to be part of the growing economy of the country.
This growth has also attracted serious threats of money laundering and terrorist financing. Financial offenses, in fact, have been causing significant effects on Hong Kong’s financial systems. Good thing the government has implemented comprehensive laws and regulations to fight money laundering and other financial crimes. Some legislation created as response to the growing number of these crimes includes:
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO)
Drug Trafficking (Recovery of Proceeds) Ordinance (DTROP)
Organized and Serious Crimes Ordinance (OSCO)
The anti-money laundering (AML) regulations set by the government has made the members of the financial community more responsible of their record-keeping duties to ensure transparency and more importantly, to protect all members from schemes and crimes. Everyone from insurance agents and accountants to banks and financial institutions are subject to AML regulations and must comply with all the requirements set according to these regulations.
The two basic AML obligations are focused on customer due diligence and record keeping. Customer Due Diligence (CDD) procedures pertain to regulations companies observe when starting a business relationship with a customer. Its main directive is to perform risk assessment to the customer. This is to detect whether the customer has performed any suspicious activity with a financial institution.
Due to the strict implementation of these AML measures, many individuals and companies are seeking help from money laundering lawyers in Hong Kong. They provide guidance and assistance in complying with the regulations and preventing any concerns that may lead to serious fines and charges. Learn more about AML regulations by consulting with a money laundering lawyer.
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