The Hong Kong Financial Services and the Treasury Bureau (FSTB) has issued two public consultation documents concerning proposals on beneficial ownership and customer due diligence requirements. The proposals are made in an effort to meet prevailing international standards to combat money laundering and terrorist financing.
The beneficial ownership consultation document seeks views on amendments to the Companies Ordinance to enhance transparency of corporate beneficial ownership. This includes requiring companies incorporated in Hong Kong to provide beneficial ownership information or declare that there are no people with significant control.
The customer due diligence consultation document seeks views on amendments to the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance. This includes extending due diligence and record-keeping requirements to solicitors, accountants, real estate agents, and trust or company service providers.
Comments for both consultation documents are due by 5 March 2017.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.