Requirement for keeping records of significant controllers
Legal rules of individual jurisdictions (see below)
Law enforecement in Hong Kong [read]
The FATF is an inter-governmental body established in 1989 that sets international standards on combating money laundering and preventing terrorist financing. Over the years, the FATF has developed an elaborate set of 40 recommendations, based on which the international community has been strengthening regulation to combat money laundering and terrorist financing (“ML/TF”).
Member jurisdictions take turns to evaluate the domestic anti-money laundering and counter-terrorist financing (“AML/CTF”) regime of each other to assess the extent to which the relevant FATF recommendations are observed, both in terms of technical compliance and effectiveness of implementation.
Requirement for Keeping Record of Significant Controllers (Beneficial Owners)
The FATF requires member jurisdictions to take measures to prevent the misuse of legal persons for ML/TF, by ensuring that adequate and accurate information on the beneficial owners and control of legal persons can be obtained or accessed in a timely fashion by competent authorities including law enforcement agencies. The FATF defines a beneficial owner as a natural person who ultimately has a controlling ownership interest in a company, or is exercising control of the company through other means.
Legal rules of Individual Jurisdictions
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