Hong Kong's Financial Services and the Treasury Bureau has proposed new anti-money laundering legislation for the territory and is planning to submit the new AML bill to lawmakers by next summer. The new AML bill would seek to replace the current AML guidelines, under which the Securities and Futures Commission and Hong Kong Monetary Authority operate, with more permanent legislation.
The new AML bill would also seek to address any shortcomings that the Financial Action Task Force on Money Laundering identified in the latest evaluation of Hong Kong, according to local media reports. Citing government sources, the South China Morning Post said that the proposed legislation would enable regulators to impose sanctions, such as public reprimands and fines for breaches of the AML regulations.
The bill, on which the FSTB is planning a three-month consultation beginning next month, would also introduce a licensing system for remittance agents and money changers, the report said. A spokesman
This article is only available in full to Complinet Complete
Asia Subscribers who are logged in.
Please log in to see if you can view this content.
