What is Money Laundering and terrorist Financing?
The Anti-Money Laundering and Terrorist Financing Ordinance (Cap. 615) seeks to provide for the application of customer due diligence and record-keeping requirements to specified financial institutions and designated non-financial enterprises and trades; Provide for powers to be conferred on the relevant authorities and regulatory bodies to monitor compliance with these and other requirements under this Ordinance; To provide for the licensing of money service operators and the regulation of the operation of money services; To provide for the regulation of the operation of trust or company services and the licensing of trust or company service providers; To provide for the regulation of activities involving virtual assets and the licensing of virtual asset service providers and their representatives; To provide for the regulation of dealing in precious metals and gemstones and the registration of precious metals and gemstones traders; Establish a review tribunal to review certain decisions made by the authorities under this Ordinance; And to provide for incidental and related matters.