HONG KONG STRENGTHENS AML LAWS, ALTHOUGH POTENTIAL POLITICAL INTERFERENCE AND UBO WEAKNESSES CAUSE CONCERN
December 2nd, 2021
The new National Security Law imposed by Beijing on Hong Kong last June (2020) (1) has added a new dimension to money laundering requirements in the special administrative region (SAR), as banks and other institutions now find themselves required to flag cash movements by figures deemed as ‘secessionist’ under the new law. Under article 20 of the law a secessionist is anyone seeking to split Hong Kong from mainland China “by force or by threat of force”.
The led the Hong Kong Monetary Authority (HKMA) last September 2020 in a guidance update, to ...
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