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

On 14^th 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 View all posts by raytodd2017