Like many other jurisdictions, Hong Kong has stepped up its fight against money laundering and has launched a new website to raise public awareness of money laundering and to lay down procedures for reporting suspicious transactions.
There is no escaping the fact that Hong Kong is a haven for money launderers. Nonetheless the Hong Kong Police Force and Customs and Excise Department have set up the Joint Financial Intelligence Unit (JFIU) site in a bid to foster a greater understanding of the law on money laundering. The definition of money laundering contained in Hong Kong law, the "legal" definition, is far simpler than the "traditional" definition. The "legal" definition is contained in Section 25 of the Drug Trafficking (Recovery of Proceeds) Ordinance and Section 25 of the Organized and Serious Crimes Ordinance. In essence the "legal" definition of money laundering states that any transaction involving the proceeds of serious crime is money laundering.
According to the JFIU, anyone commits the offence of money laundering if they carry out a transaction involving property, including money, in circumstances in which a reasonable person would have believed that the property was the proceeds of serious crime. Money laundering is a serious criminal offence in Hong Kong, punishable by up to 14 years imprisonment and a fine of HK$5m.
The JFIU website is aimed at the public and those in the financial services industry. It calls for everyone to make reports about suspicious financial transactions and includes a step-by-step approach people may use to identify them. Further details are available on the site at http://www.jfiuhk.com.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment