17 Jun Conclusion
Posted at 20:47h in
Taken together, Hong Kong’s AML laws form a comprehensive barrier against money laundering.
- Additional deterrents include provisions against “tipping off” (notifying an individual of the filing of a Suspicious Transaction Report) and against failing to disclose knowledge that assets or property are the proceeds of crime, which both carry three-year-prison terms.
- Regulatory measures, such as requiring customer due diligence, monitoring, and the reporting of suspicious transactions, add to the effectiveness of the AML program.