FATF mutual evaluation Hong Kong

Hong Kong, one of the key Asian financial centres, and most likely one of the top global financial centres, saw published its mutual evaluation report as part of the FATF round of country visits.

The report, produced over the new methodology (which includes technical compliance and effectiveness) show a few interesting points.

Partial technical compliance was achieved in regards to key points such as Non Financial Business Professionals Regime and handling of business relationships with Politically Exposed Persons.

In addition, Moderate effectiveness was noted in elements such as supervision, sanctions and handling of legal persons and arrangements.

Stating that such weak points is surprising will be quite naive to my personal opinion.

the regime, known for its corporate domiciliation/trust regime, has been suffering from significant news reports showing major points of attention in regards to money maundering and in specific in regards to corruption.

Next steps will be defined by the local government who recently announced that internal investigations showed transparency and beneficial ownership shortcoming which will be addressed.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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