Hong Kong Rated Compliant in FATF mutual evaluation

The HKSAR Government has issued a press release on the matter that in the mutual evaluation undertaken by member jurisdictions of the Financial Action Task Force (“FATF”), Hong Kong has become the first member jurisdiction in the Asia-Pacific region to have achieved an overall compliant result regarding its anti-money laundering and counter-terrorist financing (“AML/CTF”) regime.

Since 1991 Hong Kong has been a member of the FATF. The FATF is an inter-governmental body which comprised 39 major economies of the world. It sets global standards for AML/CTF. The FATF conducts peer reviews of member jurisdictions regularly to assess their compliance with the international AML/CTF standards under a mutual evaluation process.

10 experts from the FATF and the Asia/Pacific Group on Money Laundering formed an assessment team and undertook the mutual evaluation lasting for over 1 year. The Mutual Evaluation Report (“the Report”) of Hong Kong was examined by the full FATF membership at its June Plenary held in Orlando, the US. The Report will be published by the FATF in September 2019.

As per the findings in the Report, Hong Kong has a strong legal and institutional framework for AML/CTF, particularly effective in the areas of risk identification, law enforcement, asset recovery, counter-terrorist financing and international co-operation. Our company secretary, Ms. Alberta Sie, being one the Professional Services Panel member of Hong Kong Institute of Chartered Secretaries, had some involvement in the mutual evaluation last year.

Companies Registry will work hand-in-hand with professional parties to maintain the robust AML/CTF regime of Hong Kong.

For more details: https://www.info.gov.hk/gia/general/201906/26/P2019062600712.htm?fontSize=1