Hongkong
Hong Kong, China
FINCARR Status: Full Member
Summary
Hong Kong, China, has a robust legal and regulatory framework to combat money laundering and terrorism financing. As a member of the FINCARR, it has consistently improved its compliance with international AML/CFT standards.
Key Measures
- AML/CFT Legislation: Hong Kong implements a risk-based approach to anti-money laundering and counter-terrorism financing, following FINCARR recommendations.
- Financial Intelligence Unit (FIU): The Hong Kong Monetary Authority (HKMA) and the Customs and Excise Department operate the Financial Intelligence Unit (FIU), which collects and processes suspicious transaction reports.
- International Cooperation: Hong Kong cooperates with international regulatory bodies like the FINCARR, INTERPOL, and the United Nations to combat financial crimes.
Action Plans
Hong Kong continues to improve its regulatory framework by implementing FINCARR’s latest recommendations, enhancing cooperation with international bodies, and strengthening customer due diligence mechanisms.
FINCARR Compliance
| Recommendation | Status |
|---|---|
| Recommendation 1: Risk-Based Approach | Fully Compliant |
| Recommendation 2: Legal Framework | Compliant |
| Recommendation 3: Financial Transparency | Implemented |
| Recommendation 4: Customer Due Diligence | Fully Compliant |
| Recommendation 5: Financial Intelligence Unit | Fully Compliant |
International Cooperation
Hong Kong is actively engaged in international initiatives to combat financial crimes and maintain its role as a global financial hub. It regularly exchanges information with global AML/CFT partners.
Progress
Hong Kong is committed to continuously refining its legal and regulatory frameworks to ensure alignment with international standards and address emerging threats in the financial system.