Legislative Councils OKs anti-money laundering bill

The bill requires persons engaging in VA activities to apply for a license from SFC.

The Legislative Council has passed the amended Anti-Money Laundering & Counter-Terrorist Financing Ordinance that will require persons engaging in virtual asset (VA) exchange business to apply for a licence from the Securities & Futures Commission (SFC).

Under the bill, persons engaged in VA activities should also meet regulatory requirements on investor protection, such as safe custody of client assets, financial soundness and avoiding conflicts of interest.

Licensed VA exchanges and their wholly owned subsidiaries also need to regularly submit audited accounts and financial information to the SFC.

The bill empowers SFC to enter business premises and conduct inspections and investigations when necessary.

Meanwhile, any person seeking to carry on a business dealing in precious metals and stones in Hong Kong and engage in transactions at or above $120,000, cash or non-cash, will need to register with the Commissioner of Customs & Excise.

Dealers who only conduct transactions under $120,000 do not need to register.

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