Combat money laundering and terrorist fundraising

The international standards for combating money laundering and terrorist fundraising are developed by the Financial Action Task Force (FATF). As a member of FATF, Hong Kong is implementing the recommendations issued by this intergovernmental organization on combating money laundering, terrorist fundraising, and proliferation fundraising.

In Hong Kong, the main laws related to money laundering, terrorist fundraising, and proliferation fundraising areRegulations on Combating Money Laundering and Terrorist Financing (Anti Money Laundering Regulations)、《Drug Trafficking (Recovery of Benefits) Regulations》、《organized and serious crimes ordinance》、《United Nations (Anti Terrorism Measures) Regulations》、《United Nations Sanctions Regulations》及《Regulations on the Control of Weapons of Mass Destruction (Provision of Services)》。

The Anti Money Laundering Regulations stipulate that financial institutions (including licensed corporations and virtual asset service providers licensed by the China Securities Regulatory Commission under the Anti Money Laundering Regulations) and designated non-financial enterprises and industry professionals must comply with customer due diligence and record keeping requirements.

If anyone knows or suspects that any property represents the proceeds of drug trafficking or prosecutorial offenses (or has been or is intended to be used in connection with drug trafficking or prosecutorial offenses); If any property is the property of a terrorist, the Drug Trafficking (Recovery of proceeds) Ordinance, the Organized and Serious Crimes Ordinance, and the United Nations (Anti Terrorism Measures) Ordinance impose a legal obligation on the person to report any suspicious transactions.

The United Nations (Anti Terrorism Measures) Regulations and the United Nations Sanctions Regulations implement sanctions imposed by the United Nations Security Council, while the Weapons of Mass Destruction (Control of the Provision of Services) Regulations regulate the provision of services suspected to be related to the proliferation of weapons of mass destruction.

The 'Guidelines for Combating Money Laundering and Terrorist Financing (Applicable to Licensed Corporations and Virtual Asset Service Providers Licensed by the China Securities Regulatory Commission)' issued by the China Securities Regulatory Commission sets out the relevant legal and regulatory requirements for combating money laundering and terrorist financing, as well as the anti money laundering and terrorist financing standards that licensed corporations and virtual asset service providers licensed by the China Securities Regulatory Commission should comply with in order to comply with the legal requirements under the Anti Money Laundering Regulations. This guideline also provides practical guidance to assist licensed corporations, virtual asset service providers licensed by the China Securities Regulatory Commission, and their senior management in formulating and implementing policies, procedures, and control measures in their business areas to comply with legal and regulatory requirements for combating money laundering and terrorist fundraising.

If you wish to consult relevant laws and regulatory regulations, please followThis link。

Other publications and sources of information on combating money laundering and terrorist fundraising can be found atThis linkRefer to.