This article was written by Urszula McCormack, Leonie Tear, Evan Manolios and Kellie Tse
The Financial Services and the Treasury Bureau (FSTB) of Hong Kong has launched a Public Consultation on Legislative Proposals to Enhance Anti-Money Laundering and Counter-Terrorist Financing Regulation in Hong Kong (Consultation). The Consultation aims to enhance the anti-money laundering and counter-terrorist financing (AML/CTF) regime in Hong Kong by amending the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO).
In this alert, we focus on the proposed licensing of virtual asset exchanges (Proposed Licensing Framework), with a concise summary of the other areas provided at the end.