April 13 2017
Following the conclusion of two consultations on proposals to amend the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) (Cap. 615) and the Companies Ordinance (Cap. 622), the Government published today (April 13) a paper outlining the views received during the consultations, its responses and conclusions on the way forward.
By the end of the consultation period, which ran from January 6 to March 5, 2017, the Government received a total of 200 submissions on the proposal to amend the AMLO to prescribe statutory customer due diligence and record-keeping requirements for designated non-financial businesses and professions, and a further 58 submissions on the proposal to amend the Companies Ordinance to require companies incorporated in Hong Kong to maintain beneficial ownership information.