Financial Crime World

Hong Kong’s Robust AML/CTF Policies: A Pillar of its Global Financial Hub Status

Hong Kong’s reputation as a globally competitive financial hub relies on three essential pillars: transparency, security, and adherence to international standards. A vital part of upholding this prestigious position is enforcing stringent Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) policies.

Defending Hong Kong’s Financial Integrity

As a leading international financial center, Hong Kong stays committed to protecting its financial systems’ integrity and deterring both inward and outward illicit funds. The city-state’s dedication to AML/CTF initiatives is evident in its involvement in international forums.

International Participation

  • Hong Kong joined the Financial Action Task Force (FATF) in 1991.
  • Part of the Asia/Pacific Group on Money Laundering since its inception in 1997.

Driving Progress: The Central Coordinating Committee

A driving force behind these efforts is a high-level Central Coordinating Committee on Anti-Money Laundering and Counter Financing of Terrorism. The committee, chaired by the Financial Secretary, includes members from various government bureaus, financial regulators, and law enforcement agencies.

Key Players in Hong Kong’s AML/CTF Regime

Several organizations play essential roles in Hong Kong’s AML/CTF regime:

Companies Registry

The Companies Registry is a significant player, responsible for:

  • Incorporation of companies
  • Handling statutory returns
  • Administering the Companies Ordinance
  • Managing the licensing regime for Trust or Company Service Providers (TCSP)
  • Overseeing applications and renewals for Money Lenders licenses
  • Monitoring the Compliance of TCSPs and licensed Money Lenders with AML/CTF procedures

Legislation and Publications

For a comprehensive understanding of Hong Kong’s AML/CTF regime, refer to this thematic section. This resource offers:

  • Access to FATF statements and guidelines
  • United Nations-published sanction lists
  • Guidelines from the Companies Registry and other relevant information.