wmlro.com: Hong Kong Monetary Authority modifies AML Guidelines
The Hong Kong Monetary Authority (HKMA) has modified its anti money laundering guidelines to take account of the passing of the Race Discrimination Ordinance.
The Race Discrimination Ordinance came into force on 10 July 2009 and it is now illegal to discriminate against, harass or vilify people on the ground of their race.
But that caused, in the eyes of some, difficulties in the way that the Guidelines on combating money laundering were phrased.
So the HKMA has modified the Amendments.
The new version will come into force when they are Gazetted which is scheduled for 24 July 2009.
The amendments appear small but they have a much more widespread effect on risk assessment than they at first appear to have.
Supplement to Guideline on Prevention of Money Laundering
The amendment can v be found here (pdf)
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