ANTI-MONEY LAUNDERING (AML) / COUNTER-FINANCING OF TERRORISM (CFT) – Aligning with the International Standards ANTI ANTI -MONEY LAUNDERING (AML) / COUNTER-FINANCING OF TERRORISM (CFT) – Aligning with the International Standards -MONEY LAUNDERING (AML) / COUNTER-FINANCING OF TERRORISM (CFT) – Aligning with the International Standards Mr Mr Thomas Yu Thomas Yu Assistant Secretary for Security Assistant Secretary for Security Narcotics Division, Security Bureau Narcotics Division, Security Bureau 20 Feb 2013 (Wed) 20 Feb 2013 (Wed) Narcoti Narcotics Di cs Divisi vision, S on, Secur curity Bur ity Bureau eau
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ANTI-MONEY LAUNDERING (AML) / COUNTER-FINANCING OF TERRORISM (CFT)– Aligning with the International Standards
ANTIANTI-MONEY LAUNDERING (AML) / COUNTER-FINANCING OF TERRORISM (CFT) – Aligning with the International Standards
-MONEY LAUNDERING (AML) / COUNTER-FINANCING OF TERRORISM (CFT)– Aligning with the International StandardsMr Mr Thomas YuThomas YuAssistant Secretary for SecurityAssistant Secretary for SecurityNarcotics Division, Security Bureau Narcotics Division, Security Bureau 20 Feb 2013 (Wed)20 Feb 2013 (Wed)
Money laundering and confiscationMoney laundering and confiscationCriminalise Criminalise MML/TF; means to detect, freezL/TF; means to detect, freeze, seize, confiscate proceeds and e, seize, confiscate proceeds and fundingfunding
Preventive measures - Preventive measures - ffinancial institutions and DNFBPsinancial institutions and DNFBPsCDD, record keeping, STR, internal CDD, record keeping, STR, internal control, regulatory and supervisory control, regulatory and supervisory measumeasurreses
Power & responsibilities of competent authoritiesPower & responsibilities of competent authoritiesFinancial Intelligence Unit, law enforcFinancial Intelligence Unit, law enforcement authorities, supervisors; their ement authorities, supervisors; their powers & resources powers & resources
International cooperationInternational cooperationMutual legal assistance, extradition, information exchangeMutual legal assistance, extradition, information exchange
Report of funds suspected / hasreasonable grounds to suspect to beproceeds of criminal activity or related toterrorist financingAlready included in Hong Kong Law
(Recommendation 20)
SUSPICIOUS TRANSACTIONS REPORTING
Report of funds suspected / hasreasonable grounds to suspect to beproceeds of criminal activity or related toterrorist financingAlready included in Hong Kong Law
Anti-money Laundering and Counter Terrorist Financing (Financial Institutions) Ordinance
Financial institutions may rely on certainintermediaries to carry out CDD:a solicitor practising in HKa Certified Public Accountant (Practising) practising in HKa current member of the HKICS practising as a Chartered Secretary in HKA registered trust company carrying on trust business in HK
when satisfy that that the intermediaries haveadequate AML/CFT procedures
Provision to expire in 3 years
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FINANCIAL SECTORS
Anti-money Laundering and Counter Terrorist Financing (Financial Institutions) Ordinance
Financial institutions may rely on certainintermediaries to carry out CDD:a solicitor practising in HKa Certified Public Accountant (Practising) practising in HKa current member of the HKICS practising as a Chartered Secretary in HKA registered trust company carrying on trust business in HK
when satisfy that that the intermediaries haveadequate AML/CFT procedures