Sat, Feb 25, 2017

A Cleaner Set of Rules

The Hong Kong government has issued two consultation papers over its intention to strengthen local anti-money laundering and counter-terrorist financing regimes.

Cliff Lam, Kroll's Associate Managing Director, Investigations and Disputes, recently spoke with A Plus Magazine to discuss the proposed new provisions and the reaction from the accounting profession and financial sector.

“The proposals are in the right direction to ensure our local laws are in line with the FATF standards in order to safeguard the integrity and reputation of Hong Kong as an international financial centre,” says Cliff Lam, Associate Managing Director at Kroll and an Institute member.

He points out that the specified transactions that are the target of the proposed new rules include real estate purchases, management of client assets such as savings or securities accounts, company formation and management, and buying and selling of business entities.

“These transactions are usually of high value and may involve a certain extent of financial crime risks,” says Lam. “It is important for practitioners to really know their clients, the source of funds for the transactions, and the source of wealth of their clients.”

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Compliance Risk and Diligence

The Kroll Investigations, Diligence and Compliance team partners with clients to anticipate, detect and manage regulatory and reputational risks associated with global ethics and compliance obligations.