News
Government releases consultation conclusions on legislative proposals to enhance AML & CTF in HK
08 May 2017
The Financial Services and the Treasury Bureau ("FSTB") has just released the consultation conclusions on the Government's legislative proposals to enhance Anti-money Laundering (AML) and Counter-terrorist Financing (CTF) regulation in Hong Kong by:
i) Imposing a licensing requirement on trustees and corporate services providers and to require mandatory KYC / customer due diligence by such persons;
ii) To require HK Companies to maintain registers of their ultimate beneficial owners ("UBOs").
The Government has decided not to allow public access to such registers of UBOs, but to restrict access to competent authorities only.
The Government will proceed to prepare legislation based on the consultation conclusions, with a view to introducing the two amendment bills into the Legislative Council by July 2017.
For details of the consultation conclusions, please visit the website of the Financial Services Branch of the Financial Services and the Treasury Bureau at: http://www.fstb.gov.hk/fsb/ppr/consult/doc/conclu_eaml_etbo_e.pdf