Enhancing Hong Kong's Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) Regime: New Regulatory Framework for VASP and DPMS
In 2019, Hong Kong became the first jurisdiction in the Asia Pacific region to pass an annual review conducted by the Financial Action Task Force (FATF) regarding the compliance and effectiveness of anti-money laundering and counter-terrorist financing (AML/CTF) regimes worldwide.
The Hong Kong Government recently launched a public consultation on its plans to introduce a new framework to govern the activities of virtual asset service providers and dealers in precious metals and stones. The aim of this framework is to align Hong Kong’s existing regime with the latest international requirements from the FATF, a global inter-governmental agency.
Eureka Cheung, Principal Assistant Secretary for Financial Services at the Financial Services and the Treasury Bureau; Clara Chiu, Director of Licensing and Head of Fintech Unit, Intermediaries at the Securities and Futures Commission; and Grace Tang, Group Head (Financial Investigation Group), Syndicate Crimes Investigation Bureau from the Customs and Excise Department, explained the details of the consultation exercise at a webinar on 8 January, and took questions from members about the proposed changes.
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