The Hong Kong Monetary Authority (HKMA) and the relevant enforcement authorities will continue to monitor closely measures to combat money laundering and tax evasion, the Secretary for Financial Services and the Treasury, K C Chan has confirmed.
The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance imposes stringent customer due diligence and record-keeping requirements on financial institutions that are consistent with the international standards promulgated by the Financial Action Task Force, and are applicable to overseas branches and subsidiaries of locally-incorporated banks.
Financial institutions are required to report any suspicious transactions in relation to proceeds potentially arising from crimes (including money laundering and tax evasion) to the Joint Financial Intelligence Unit that was established by the Hong Kong Police Force and the Customs and Excise Department, and it is a criminal offense for any person willfully and with intent to assist any other person to evade tax.
