General Laws

 

The pieces of legislation relating to anti-money laundering and anti-terrorist financing: -

  1. Drug Traficking (Recovery Of Proceeds) Ordinance (Chapter 405)  [Read]
  2. Organized and Serious Crime Ordinance (Chapter 455)  [Read]
  3. United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575)  [Read]
  4. Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Chapter 615)  [Read]

 

  • Amendment to Anti-Money Laundering and Counter-Terrorist Financing (FI) Ordinance 2017 [Read]
  • Legislative Council Brief of the Amendment 2017 [Read]

 

Industrial laws

  1. Banking Ordinance (Cahpter 155)  [Read]
  2. Securities and Futures Ordinance (Chapter 571)  [Read]
  3. Insurance Companies Ordinance (Chapter 41)  [Read]

 

Regulator's guidelines - Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), the Office of the Commissioner for Insurance (OCI) 

  1. Guideline on Anti-Money Laundering and Counter-Terrorist Financing, HKMA   [Read];
  2. Guidance Paper on Combatting Trade Based Money Laundering, HKMA   [Read];
  3. Guidance Paper on Anti-money Laundering Controls over Tax Eavsion, HKMA   [Read];
  4. Prevention of Money Laundering and Terrorist Financing Guideline, SFC  [Read];
  5. Guidance on Anti-money Laundering and Counter Terrorist Financing, OCI  [Read]

 

Law Enforcement

  1. Joint Financial Intelligence Unit (JFIU)  [Read];
  2. Hong Kong Excise & Customs Department  [Read]

 

International Anti-money Laundering and Terrorist Financing Organization

  1. Asia/Pacific Group on Money Laundering  [Read];
  2. Financial Action Task Force (FATF)  [Read]

 


 

Introduction

The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, Cap. 615 (AMLO) came into operation on 1 April 2012. Under the AMLO, a person who wishes to operate a remittance and / or money changing service (i.e. money service as defined under the AMLO) is required to apply for a licence from the Commissioner of Customs & Excise (CCE). Operating a money service without obtaining a money service operator licence from the CCE is an offence and liable to a fine of $100,000 and imprisonment for six months.

 

Legal definitions

The following definitions are provided under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Chapter 615)

 

Schedule 1

 

Money laundering (洗錢) means an act intended to have the effect of making any property—

(a)    that is the proceeds obtained from the commission of an indictable offence under the laws of Hong Kong, or of any conduct which if it had occurred in Hong Kong would constitute an indictable offence under the laws of Hong Kong; or

(b)    that in whole or in part, directly or indirectly, represents such proceeds, not to appear to be or so represent such proceeds

 

Money service (金錢服務) means—

(a)    a money changing service; or

(b)    a remittance service

 

Money changing service (貨幣兌換服務) means a service for the exchanging of currencies that is operated in Hong Kong as a business, but does not include such a service that is operated by a person who manages a hotel if the service—

(a)    is operated within the premises of the hotel primarily for the convenience of guests of the hotel; and

(b)    consists solely of transactions for the purchase by that person of non-Hong Kong currencies in exchange for Hong Kong currency

 

Remittance service (匯款服務) means a service of one or more of the following that is operated in Hong Kong as a business—

(a)    sending, or arranging for the sending of, money to a place outside Hong Kong;

(b)    receiving, or arranging for the receipt of, money from a place outside Hong Kong;

(c)     arranging for the receipt of money in a place outside Hong Kong

 

Currency (货币)includes a check or a traveller's check.

Money (金錢) means money in whatever form or currency;