Hong Kong banks to disclose related property of clients who breach security law
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October 24, 2021
By Kane Wu
HONG KONG (Reuters) – Banks in Hong Kong are advised to disclose related property of clients who are found in breach of the city’s national security law, according to the latest guidelines from its banking association.
The advice was introduced in an Oct. 22 update of the Hong Kong Association of Banks’ (HKAB) frequently asked questions in relation to anti-money laundering and counter-financing terrorism, which was published on the website of the Hong Kong Monetary Authority (HKMA).
Banks should disclose property held by any client who is arrested or charged for an offence endangering national security or when they have knowledge or suspicion that a property is “offence related property” after receiving information from law enforcement agencies, per the clause.
HKMA and the HKAB did not immediately respond to a Reuters request for comment.
China imposed national security legislation in Hong Kong on June 30 last year, making anything Beijing regards as subversion, secession, terrorism or colluding with foreign forces punishable by up to life in prison.
Three months later, the banking association added five clauses to the FAQs regarding anti-money laundering and counter-financing terrorism, advising banks of their reporting requirements under the law, how they should handle law enforcement requests and guidelines regarding group-wide information sharing.
Transactions suspected to be linked to the law should be treated the same as transactions suspected to be money laundering or financing terrorism, according to the clauses at the time.
The FAQs are not official guidelines but apply to both Hong Kong and international banks.
(Reporting by Kane Wu; Editing by Kim Coghill)
Source Link Hong Kong banks to disclose related property of clients who breach security law
Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.
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