The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017
Introduction
In view of Hong Kong’s international obligations under the Financial Action Task Force (FATF) recommendations, the Financial Services and the Treasury Bureau (FSTB) of Hong Kong proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) (Cap. 615). Following the consultation proposals published in January and the subsequent responses from the relevant stakeholders that were published in April, the Government published the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017 (the Bill) in the gazette on 23 June. The Bill was introduced into the Legislative Council on 28 June and, subject to the passage of the Bill, will come into effect on 1 March 2018. Read more…