FATF Mutual Evaluation Report on Hong Kong

FATF Mutual Evaluation Report on Hong Kong

Overview of the Financial Action Task Force’s Mutual Evaluation Report on Hong Kong, which was released on 4 September 2019

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On 4 September 2019, the Financial Action Task Force (FATF) released the Mutual Evaluation Report on Hong Kong. The report summarises the anti-money laundering/counter-terrorist financing (AML/CFT) measures in place in Hong Kong as at the date of the on-site visit from 31 October to 15 November 2018. It also analyses the level of compliance with the FATF’s 40 recommendations and the level of effectiveness of the AML/CFT systems, and provides recommendations on how the system can be strengthened.

Although the report recognises that Hong Kong has a strong legal and institutional framework for combating money laundering (ML) and terrorist financing (TF), in addition to areas of moderate effectiveness and partially technical compliance, the report has highlighted a number of areas that would benefit from a more detailed consideration. KPMG has summarised a selection of key topics from the report for consideration.

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