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Government releases consultation conclusions on legislative proposals to enhance anti-money laundering and counter-terrorist financing regulation in Hong Kong
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     Following the conclusion of two consultations on proposals to amend the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) (Cap. 615) and the Companies Ordinance (Cap. 622), the Government published today (April 13) a paper outlining the views received during the consultations, its responses and conclusions on the way forward.
 
     By the end of the consultation period, which ran from January 6 to March 5, 2017, the Government received a total of 200 submissions on the proposal to amend the AMLO to prescribe statutory customer due diligence and record-keeping requirements for designated non-financial businesses and professions, and a further 58 submissions on the proposal to amend the Companies Ordinance to require companies incorporated in Hong Kong to maintain beneficial ownership information.
 
     "We are pleased to note that the respondents generally agreed with the overall direction and principles as well as the broad framework of the legislative proposals. We will fine-tune the proposals as appropriate taking into account the valuable comments and suggestions from respondents," a Government spokesman said.
    
     The Government will proceed to prepare legislation based on the consultation conclusions, with a view to introducing the two amendment bills into the Legislative Council by July 2017.
 
     The consultation conclusions have been uploaded to the website of the Financial Services Branch of the Financial Services and the Treasury Bureau at www.fstb.gov.hk/fsb/ppr/consult/doc/conclu_eaml_etbo_e.pdf.
 
Ends/Thursday, April 13, 2017
Issued at HKT 20:36
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