AMENDMENTS TO HONG KONG AML/CFT REGIME INCLUDING FOR TRUST COMPANIES

Deacons in Hong Kong reported on 12^th February that amendments to Hong Kong’s principal AML legislation were passed by the Legislative Council on 24^th January.  This will take effect on 1^st 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.

http://www.deacons.com.hk/news-and-insights/publications/a-new-regime-for-hk-trust-companies.html

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 View all posts by raytodd2017