The main purpose of the consultation paper is to seek views from members of the public on a legislative proposal to amend the Companies Ordinance (Cap.622) and enhance the transparency of beneficial ownership of Hong Kong companies in an effort to meet prevailing international standards on combating money laundering and terrorist financing.
The consultation period will end on 5 March 2017. For details of the consultation paper, please refer to the HKSAR Financial Services and The Treasury Bureau website.
Following the consultation, it is expected that a bill will be introduced into the Legislative Council in the second quarter of 2017. We will share our insights on the bill in coming news flash.