New regime set in money-laundering fight

New regime set in money-laundering fight
(07-09 15:43)
The government will announce new plans to crack down on money laundering under which financial institutions will be subject to new regulations and their customers also obliged to keep records.

The plans also set out the liability and offense for breaches of those obligations, the powers of the regulatory authorities in supervising compliance, with appropriate checks on the exercise of such powers; criminal and supervisory sanctions for breaches of the obligations; and a proposed licensing system for those engaged in remittances and money-changing services, according to the a statement issued by the Financial Services Bureau and the Treasury.

Details will be announced this afternoon during the launch of a three-month public consultation.

''The proposal is vital for ensuring the integrity of Hong Kong's financial systems and maintaining Hong Kong's status as an international financial centre,'' the statement read.

STAFF REPORTER