Press Release (ePRNews.com) - HONG KONG - Jul 06, 2017 - The Financial Services and Treasury Bureau in Hong Kong has published its amendment bill to the Anti-money laundering Ordinance on 23 June. The bill is expected to be brought before the legislative council on 28 July to translate into law. With the amendment bill, the current Anti-money laundering Ordinance will be renamed to the Anti-money laundering and counter-terrorist financing (Financial Institutions) Ordinance. It further, for the first time in Hong Kong, introduces a licensing regime for trust and corporate service providers (TCSP) and classifies them as designated non-financial businesses and professionals (DNFBP) according to the latest Financial Action Task Force (FATF) standards. This puts DNFBP, just like financial institutions, in the first line of defense in the fight against money laundering and terrorist financing.
TCSP in particular are often concerned with the establishment of corporate vehicles and structures that are being abused by individuals and organisations with criminal intend. The inclusion of DNFBP is aimed at providing an early detection and alert system before tainted funds even enter the financial system, as well as removing structures that facilitate the placement, layering and integration, increase the transparency of beneficial owners and aid law enforcement.
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