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As Hong Kong’s largest and longest-established independent law firm, Deacons has deep knowledge of the regulatory regime governing banking and finance in Hong Kong including, in particular, anti-money laundering and counter-terrorist financing.
The Hong Kong Government and independent regulatory bodies in the city such as the Law Society have been very active in recent years strengthening Hong Kong’s anti-money-laundering regime. And the regulations are under continual review as the various authorities in charge work to keep abreast of the best international practice and advice from bodies like the Financial Action Task Force.
Of course, this places a growing burden on companies and individuals. Money laundering investigations and prosecutions in Hong Kong rose sharply following the imposition of new regulations in 2012, and this is likely to continue. These can be time consuming, distracting, potentially embarrassing and sometimes devastating, if criminal prosecutions are instigated. Taking time now to think about your anti-money-laundering procedures can pay dividends. We have helped clients ranging from large private banks, through insurance companies and world renowned casino companies to international law firms with their AML compliance and policies.
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