As a member of the Financial Action Task Force ("FATF"), an inter-governmental body established in 1989 to protect the integrity of the international financial system, Hong Kong is obliged to combat money laundering and terrorist financing in accordance with FATF standards. Recently, FATF has recommended expanding customer due diligence ("CDD") and record-keeping requirements beyond financial institutions to include designated non-financial businesses and professions ("DNFBPs"). DNFBPs, as defined by FATF, include casinos, dealers in precious metals and stones, real estate agents, lawyers, notaries, accountants, trusts or company service providers.
Following a public consultation earlier in the year and then the publication of consultation conclusions on 13 April 2017, the Government has indicated that it will be going ahead with legislative amendments to the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance with a view to subjecting DNFBPs to statutory CDD and record-keeping requirements similar to those currently imposed on financial institutions.
To help members obtain a better understanding of and achieve compliance with the proposed AML requirements, the Chamber is pleased to have invited Mr Charles Fung from the HKSAR Joint Financial Intelligence Unit, to provide a briefing on 11 July at 4:30pm. His presentation will cover the following:
• Background to and the implementation of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance and FATF guidelines;
• Definition and the types of conduct that fall within the meaning of AML; and
• AML case studies.