Who regulates AML in Hong Kong?

1. The Hong Kong Monetary Authority. The Hong Kong Monetary Authority (HKMA) is Hong Kong’s central bank and financial regulator and is responsible for maintaining the stability of the city-state’s financial system.

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Is China a high-risk Country for money laundering?

China is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes. Money laundering in the People’s Republic of China (PRC) is of great concern.

Will search through the Law Society of Hong Kong?

If the intended executor/administrator has retained a solicitor to obtain the Grant of Probate or Letters of Administration, the solicitor can conduct a Will Search through the Law Society of Hong Kong to find out whether or not the deceased has executed a Will through other solicitors in Hong Kong .

Is Hong Kong a high risk country for AML?

Anti Money Laundering It was deemed Highly Effective for 0 and Substantially Effective for 6 of the Effectiveness & Technical Compliance ratings. Hong Kong is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes.

How do I report money laundering in Hong Kong?

Whilst there is no prescribed manner of reporting, it is advisable to make STRs in writing. A standard form has been designed to assist individuals in making STRs. The form can be downloaded from the JFIU website (http://www.jfiu.gov.hk/).

Is Hong Kong high-risk for money laundering?

Hong Kong is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes.

How many solicitors are there in Hong Kong?

Hong Kong is the international legal service capital of Asia, with more than 12,000 practising solicitors and barristers.

Is Hong Kong high-risk for AML?

Anti Money Laundering According to that Evaluation, Hong Kong was deemed Compliant for 11 and Largely Compliant for 25 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 6 of the Effectiveness & Technical Compliance ratings.

What is money laundering in Hong Kong?

405) and the Organized and Serious Crimes Ordinance (Cap. 455), a person commits the offense of money laundering if he deals with any property, including money, which he knows or has reasonable grounds to believe to be proceeds of drug trafficking / indictable offence.

Which of the following specifically deals with money laundering Offences in Hong Kong?

A number of government bodies may investigate and refer money laundering offences to the DOJ, including the Hong Kong Police Force (Hong Kong Police), Customs and Excise Department (C&ED) and the Independent Commission Against Corruption (ICAC).

Which country is best for money laundering?

The five best countries for 2020: Belgium, Macedonia*, United Kingdom, Grenada* and Iceland. For the 2019 version of the AML Index, the worst countries for money laundering risk were Mozambique, Laos, Myanmar, Afghanistan and Liberia….The five best countries for 2021:

Andorra.
Finland.
Cook Island.
Slovenia.
Norway.

What countries dont recognize money laundering?

The FATF produces a ‘blacklist’ every year which contains high-risk jurisdictions which have significant deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. The two countries currently on that list are Iran and Democratic Republic of Korea.

Can you Practise law without a degree?

There are a variety of job roles in law – legal executives, paralegals and legal secretaries – that you can enter into without a degree or with a degree in any subject. However, these aren’t the only roles in law that you can enter into without a law degree.