The Hong Kong Anti‐Money Laundering Ordinances: Commentary and Annotations 2nd ed + Proview

The Hong Kong Anti‐Money Laundering Ordinances: Commentary and Annotations 2nd ed + Proview
Product ISBN: 9789626619704
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The Hong Kong Anti‐Money Laundering Ordinances: Commentary and Annotations 2nd edition by Sharon Siu, published by Sweet & Maxwell.

A clear and concise collected volume of all the annotated ordinances for practitioners, banking and corporate professionals, financers and investors in Hong Kong. Money‐laundering is prevalent and has been an increasing concern in Hong Kong, with rates far exceeding the global average. The Hong Kong Anti‐Money Laundering Ordinances: Commentary and Annotations encompasses the latest materials on the three major Anti‐Money Laundering Ordinances: Drug Trafficking (Recovery of Proceeds) Ordinance (Cap 405); Organized and Serious Crimes Ordinance (Cap 455); and Anti‐Money Laundering and Counter‐Terrorist Financing (Financial Institutions) Ordinance (Cap 615).

The 2nd Edition is fully updated: reviewing and analyzing the recent updates and amendments that affect the Ordinance with cross‐referencing to corresponding laws.


1. Applications and references to the corresponding sections to the: Companies Ordinance (Cap.622); Securities and Futures
Ordinances (Cap.571); Banking Ordinance (Cap.155); Inland Revenue Ordinance (Cap.112); as well as international anti‐money
laundering standards;


2. Firms/Financial Institutions duty to comply with the AMLO – Revised rules and regulations to help detect and report
suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and
market manipulation;


3. Updated requirements of Firms/Financial Institutions (i.e. banks) to take preventative or mitigating measures
commensurate with the nature and scope of the money laundering or terrorist‐ financing risks by identifying high‐risk clients;
4. Revised customer due diligence measures (CDD) which must be undertaken and complied with prior to establishing any
business relationship or conducting with, or conducting occasional transactions for customers;


5. New amendment of the AMLO to prescribe the statutory CDD and record‐keeping requirements applicable to solicitors,
accountants, real estate agents and trust and company service providers (“Designated Professions”) when they engage in
specified transactions;


6. New amendments that require Firms/Financial Institutions to establish and maintain adequate and appropriate risk‐based
controls to address trade‐based money laundering risks as well as develop written policies and procedures to assess and
mitigate money laundering risks arising from trade‐related activities;


7. Proposed amendments to the Companies Ordinance (Cap.622) to require companies incorporated in Hong Kong to
maintain beneficial ownership information.

Introduction
 
PART I PRELIMINARY
Section 1 Short title
Section 2 Interpretation
 
PART II CONFISCATION OF PROCEEDS OF DRUG TRAFFICKING
Section 3 Confiscation orders
Section 4 Assessing the proceeds of drug trafficking
Section 5 Statements relating to proceeds of drug trafficking
Section 6 Amount to be recovered under confiscation order
Section 6A Interest on amounts to be recovered under confiscation orders
Section 7 Definition of principal terms used
 
PART III ENFORCEMENT, ETC. OF CONFISCATION ORDERS
Section 8 Application of procedure for enforcing confiscation orders
Section 9 Cases in which restraint orders and charging orders may be made
Section 10 Restraint ordersSection 11 Charging orders in respect of land, securities, etc.
Section 12 Realisation of property
Section 13 Application of proceeds of realisation and other sums
Section 14 Exercise of powers by Court of First Instance or receiver
Section 15 Variation of confiscation orders