HONG KONG RISK ASSESSMENT REPORT HIGHLIGHTS FUTURE PLANS TO REDUCE FINANCIAL CENTRE’S ML/TF VULNERABILITY
April 1st, 2018
HONG Kong’s Financial Services and the Treasury Bureau (FSTB) has released a detailed risk-based action plan for boosting the ability of the special administrative region (SAR) to fight money laundering and terror finance (ML/TF). A risk assessment report has concluded that this key Asian financial centre’s banking sector faces “high ML/TF risks”, including fraud, tax evasion, corruption and sanctions evasion, with private banking, trade finance, international funds transfer, and retail and corporate banking all vulnerable.
And while the report ...
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