Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017 and Companies (Amendment) Bill 2017 gazetted

Jun 2017

The main purpose of the two Bills, the “Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017” ("First Bill") and the “Companies (Amendment) Bill 2017” ("Second Bill"), is to bring Hong Kong’s regulatory regime up-to-date and in alignment with the international standard as promoted by the Financial Action Task Force. The First Bill seeks to apply the statutory customer due diligence and record-keeping requirements to designated non-financial businesses and professions when they engage in specified transactions. And the Second Bill aims at enhancing the transparency of beneficial ownership of Hong Kong companies by requiring them, among other things, to keep a register of persons of significant control.

 

For more information, please refer to the two Bills.

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017

Companies (Amendment) Bill 2017

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