HK’s new AML rules raise questions for businesses with complex structures

Author: Karry Lai | Published: 25 Apr 2018

Hong Kong’s new anti-money laundering (AML) regime gives law enforcement agencies in Hong Kong easier access to information about the beneficial owners of Hong Kong companies, a move which has been lauded for its focus on transparency. But areas of uncertainty remain for those companies that don’t have a standard corporate structure.

The framework has at its core a requirement for local companies to create and maintain registers of persons with significant control. It has been lauded for introducing a heightened degree of transparency around ownership and control, and will be welcomed by regulators and law enforcement agencies alike.


Spotlight

Companies with complex structures are in the spotlightAccording to Jeckle Chiu, partner at Mayer Brown JSM, the intention of the significant control register is to bring Hong Kong’s regulatory regime up to date and in line with international requirements as promulgated by the Financial Action Task Force (FATF). The new regime...