HONG KONG
hong KONGMONEY LAUNDERINGAND TERRORIST FINANCINGRISK ASSESSMENT REPORTApril 2018FOREWORD BY FINANCIAL SECRETARYiHONG kong S ANTI-MONEY LAUNDERING/COUNTER-FINANCING OF TERRORISM POLICYiiiEXECUTIVE SUMMARYv1. INTRODUCTION TO hong KONG1Geographical PositionPopulationLanguageGovernment StructureLegal System and the JudiciaryLaw and OrderEconomy2. RISK ASSESSMENT METHODOLOGY5The World Bank ToolThe ProcessOrganisation of Report3. OVERALL MONEY LAUNDERING/ TERRORIST FINANCING COMBATING ABILITY 9Anti-Money Laundering/Counter-Financing of Terrorism Legal FrameworkHigh-level Commitment and Institutional FrameworkProsecution and Judicial ProcessExternal and International CooperationNext Steps4. MONEY LAUNDERING THREAT27OverviewMajor Predicate OffencesTypologies Analysis and Money Laundering TrendsOverall Money Laundering Threat5. SECTORAL RISK ASSESSMENT - FINANCIAL INSTITUTIONS41OverviewBankingSecuritiesM oney Service OperatorsInsuranceMoney LendersCONTENT6.
Hong Kong to maintain beneficial ownership information by way of keeping registers of significant controllers. Commencement of the new requirements from 1 March 2018 plugs a gap in the company legislation, and goes a long way towards enhancing the transparency of legal persons. 2 Chapter 615 of the Laws of Hong Kong.
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