New Documents

Hong Kong’s Securities and Futures Commission completed its consultation on the guidelines for virtual asset trading platform operators and made modifications and clarifications in response to the feedback received.

Tse Yiu Chung, a defendant charged with offenses related to a “ramp-and-dump” scheme and money laundering activities, has been arrested in Hong Kong for breaching her bail conditions.

Enforcement Actions

The Hong Kong Monetary Authority imposed a financial penalty of HK$11 million on the Hong Kong branch of the Taipei, Taiwan-based financial institution for violations of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.

Hong Kong’s Securities and Futures Commission suspended Tang Kai Shing, managing director of Rifa Futures Ltd., for a period of eight months beginning on Sept. 2, 2022, for breaches of know-your-customer, AML/CTF and other regulatory requirements.

Important Facts

  • The U.S. State Department labels China as a major money laundering country. The main sources of criminal proceeds include corruption, drug and human trafficking, smuggling, economic crimes, intellectual property theft, counterfeit goods, crimes against property, and tax evasion. Common methods laundering are bulk cash smuggling, trade based money laundering, the use of shell companies, invoice manipulation, high-value asset purchases, investing illicit funds in lawful sectors, gaming, and exploiting formal and underground financial systems and third- party payment systems.  Chinese authorities have also identified illegal fundraising activities, cross-border telecommunications fraud, weapons of mass destruction proliferation finance and other illicit finance activity linked to North Korea. In 2020, China increased regulatory scrutiny of the financial sector and made improvements to its anti-money laundering framework, though serious transparency issues remain, particularly in the context of international cooperation.  China has comprehensive know-your-customer and suspicious transaction reporting regulations that require financial institutions to determine and monitor the risk levels of customers and accounts, including foreign politically exposed persons.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)


FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 9 High : 0
Largely Compliant : 22 Substantial : 3
Partially Compliant : 5 Moderate : 4
Non-Compliant : 4 Low : 4

Pakistan's technical compliance was re-rated in a Nov. 29, 2022 follow-up report


Rank : 94/110
Score : 6.7/10


Rank : 78/179
Score : 42/100

Tax Justice Network i

Rank : 25/133
Score : 60/100