The effectiveness of Hong Kong's new anti-money laundering law will hinge largely on the willingness of the jurisdiction's regulators to enforce its new powers, according to former investigators and consultants. The special administrative region passed the measure in June, codifying bank customer due diligence rules and recordkeeping requirements as well as granting the jurisdiction's financial regulator new penalty powers. The anti-money laundering (AML) law affects banks, money services businesses (MSBs), insurance companies and securities firms, among others. But in a region known for light-handed oversight, there is little reason to think that Hong Kong officials will enforce regulations anymore than...
U.S. law enforcement officials are increasingly focusing their attention on the use by Mexican drug cartels of shell companies and corporate bank accounts in China and Hong Kong to launder proceeds from narcotics sales, sources told ACAMS moneylaundering.com.
As settlement negotiations with Swiss banks continue, the IRS is turning its attention to jurisdictions outside of Europe, including two set to eclipse Switzerland as the world's top secrecy havens.
Most laws meant to combat money laundering have proven counterproductive and have failed to address the fact that dirty money is often cleaned in otherwise legitimate businesses, says Andrew Haynes.
Amendments to Hong Kong's data privacy law could restrict financial institutions from sharing data on suspected money launderers with branches outside of the special administrative region.
Turkey announces plans to impose sanctions against Syria due to violence against government protestors, FinCEN asks for comments on proposed revised MSB registration form, and more, in this week's roundup.
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