Deacons in Hong Kong reported on 12th February that amendments to Hong Kong’s principal AML legislation were passed by the Legislative Council on 24th January.  This will take effect on 1st March and are part of the Hong Kong Government’s efforts to address perceived deficiencies in Hong Kong’s AML/CFT regime prior to a FATF review due this year.  It explains that primary objectives include applying statutory CDD and record-keeping requirements to solicitors and foreign lawyers, accounting professionals, estate agents, and trust or company service providers (TCSP) (collectively called designated non-financial businesses and professions or DNFBP) when these professionals engage in specified transactions (as described); and introducing a licensing regime for TCSP to require them to apply for a licence from the Registrar of Companies and satisfy a “fit-and-proper” test before they can provide trust or company services as a business in Hong Kong.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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