MONEY LAUNDERING AND TERRORIST FINANCING RISKS FACING HONG KONG’S FINANCIAL INSTITUTION AND PAYMENT SYSTEMS

On 14th May, Herbert Smith Freehills published an article reporting that the Hong Kong government has published a report detailing the money laundering and terrorist financing national risk assessment for Hong Kong.  This follows the recommendations of FATF that jurisdictions identify and assess their ML/TF risks and apply mitigating measures and is a pre-cursor to the FATF’s onsite evaluation of Hong Kong’s ML/TF safeguards, scheduled to take place this Autumn.

The report is available at –

https://www.fstb.gov.hk/fsb/aml/en/doc/hk-risk-assessment-report_e.pdf

https://hsfnotes.com/fsrandcorpcrime/2018/05/14/money-laundering-and-terrorist-financing-risks-facing-hong-kongs-financial-institutions-and-payment-systems/#page=1

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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