Hong Kong’s Enhanced Anti-Money Laundering And Counter- Terrorist Financing Requirements
Categories: Dispute Resolution
Since 1 March 2018, the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018 (the “Ordinance”) extended the existing Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO“) as part of the Hong Kong government’s reforms to bring its legislation in line with international standards. These enhanced requirements cover solicitors, accounting professionals, real estate agents and Trust or Company Service Providers (“TCSPs“), collectively known as Designated Non-Financial Businesses and Professionals (“DNFBPs“) and mandate that those engaging in specified transactions be regulated under the AMLO.
