Hong Kong welcomes anti-money laundering report

The report assessed the city’s anti-money laundering system as “compliant.”

The Hong Kong Government welcomed the findings from the Financial Action Task Force’s (FATF) follow-up report regarding the city’s anti-money laundering and counter-terrorist financing (AML/CTF) system.

It was after FATF completed the fourth round of their mutual evaluation and assessed the AML/CTF system as compliant and effective.

According to the report, Hong Kong put its effort into implementing risk-based AML/CTF supervision for most designated non-financial and professional sectors, including company service providers, real estate agents, and accountants.

Read more: Hong Kong strengthens copyright law

It also affirmed the city’s compliance with its requirements for virtual asset (VA) service providers and dealers in precious metals and stones (DPMS). The report also noted that it was undergoing a legislative process for introducing a regulatory regime for the two.

For Financial Secretary Paul Chan, the FATF report is proof that “Hong Kong has demonstrated its unwavering commitment to combating money laundering and terrorist financing along international standards and in collaboration with partners around the world, and upholding the integrity of our financial system."