Financial Crime World

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Anti-Money Laundering and Counter-Terrorist Financing Regulations

Hong Kong Regulations

The Hong Kong Monetary Authority (HKMA) has issued a circular emphasizing the importance of reporting suspicious transactions. Additionally, the HKMA has taken disciplinary action against Coutts & Co AG, Hong Kong Branch for contravening the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.

Key Points:

  • Reporting suspicious transactions is crucial in preventing money laundering.
  • The HKMA takes a firm stance on non-compliance with AML/CFT regulations.

Macao Regulations

Overview of Macao Laws

The following laws regulate various aspects of anti-money laundering and counter-terrorist financing in Macao:

  • Law No. 3/2006: Regulates crimes of terrorism.
  • Law No. 6/2016: Establishes an asset freezing regime.
  • Law No. 6/2017: Regulates the cross-border transportation of cash and bearer negotiable instruments.
  • Law No. 5/2017: Provides a legal regime for the exchange of information for tax purposes.

Key Points:

  • Macao has implemented various laws to combat money laundering and terrorist financing.
  • These laws aim to prevent the misuse of financial systems for illicit activities.

Accounting Module

The accounting module is designed to equip candidates with fundamental knowledge in accounting, budgeting principles, and legal concepts related to banking and finance.

Objectives:

Upon completion of the module, candidates should be able to:

  • Employ accounting principles in financial reporting.
  • Apply accounting concepts relevant to commercial lending.
  • Understand and apply budgeting principles to evaluate business performance.

Assessment Method

The assessment method for this module consists of a multiple-choice examination with the following details:

Examination Details:

  • Number of questions: 50
  • Passing mark: 70%
  • Time allowed: 1.5 hours