Money changers enrolled in laundering war
Money changers and remittance agents will be required to adopt measures against money laundering, according to a government proposal.
The Security Bureau said in a paper to legislators that the move was to enhance Hong Kong's regime to counter money laundering and ensure the region would not fall short of international best practices and the recommendations of the Financial Action Taskforce on Money Laundering (FATF).
FATF is an inter-governmental organisation established by the Group of Seven leading industrialised nations in 1989 to examine measures to combat money laundering.
It is proposed that a money changer or remittance agent should record the name, identity card number, address and telephone number of customers in transactions involving more than $20,000.
Proposed penalties for non-compliance are maximum fines of $100,000 and one-month jail terms.