AMLAWARE | Other Relevant Statutes
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Other Relevant Statutes

17 Jun Other Relevant Statutes

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In addition to the AMLO and the ICO, three other Hong Kong statutes relate to money laundering and terrorist financing, and govern the insurance industry and other financial institutions. Click on the buttons below to view information regarding each of these statutes.

 

Drug Trafficking (Recovery of Proceeds) Ordinance

The Drug Trafficking (Recovery of Proceeds) Ordinance (DTROP) does not specifically apply to insurance companies but provides for the investigation of assets related to drug trafficking. This includes tracing and freezing of assets upon arrest, and the confiscation of assets upon conviction, which may include insurance products acquired as part of a criminal scheme.

 

Organized and Serious Crimes Ordinance (OSCO)

OSCO does not specifically relate to insurance companies but gives the police and customs authorities the power to investigate organized crime and triad activities that use insurance companies or insurance products as vehicles for money laundering. Courts can confiscate the proceeds of organized and serious crime and issue restraint orders against the property of persons charged with organized crime offenses, including insurance products.

 

UN Anti-Terrorism Measures Ordinance (UNATMO)

UNATMO is directed at prventing the financing of terrorism and implements the special recommendations of the Financial Action Task Force (FATF). UNATMO permits terrorist property to be frozen and subsequently forfeited. Criminal violations, including those under DTROP and OSCO, carry a penalty of 14 years in prison and a fine.