Money Laundering Report Published

Hong Kong's Money Laundering & Terrorist Financing Risk Assessment Report was published today.

It examines the money laundering and terrorist financing threats and vulnerabilities facing various sectors in Hong Kong and the city as a whole according to the recommendation of the Financial Action Task Force, an inter-governmental body that sets international standards on combating such crimes.

The report also identifies areas for further work and follow-up actions have been taken accordingly.

The Government said it is committed to combating money laundering and terrorist financing together with the international community.

It said it has put in place a mature and robust anti-money laundering and counter-terrorist financing regime having regard to international standards, adding it has conducted a risk assessment to facilitate the formulation of more targeted responses to strengthen the regime.

Based on the risk assessment report, the Government has taken forward various enhancement measures over the past year, including updating the legal and regulatory framework, reinforcing the adoption of a risk-based approach in preventive and supervisory measures, stepping up efforts to restrain and confiscate crime proceeds, and strengthening international co-operation.

Four pieces of primary legislation have been enacted to address the identified risks, namely the Anti-Money Laundering & Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018, the Companies (Amendment) Ordinance 2018, the United Nations (Anti-Terrorism Measures) (Amendment) Ordinance 2018, and the Cross-boundary Movement of Physical Currency & Bearer Negotiable Instruments Ordinance.

The Government said it will continue to monitor and respond to the risks with vigilance amid the fast-changing international security landscape.

Click here for the report.