Anti-Money Laundering
Anti-Money Laundering Legislation and Guidance
Money laundering is criminalized primarily by means of the Prevention of Money Laundering Act (Cap. 373) which has adopted an “all crimes” approach. Drug-related money laundering is additionally criminalized through the Dangerous Drugs Ordinance (Cap. 101) and the Medical and Kindred Professions Ordinance (Cap. 31).
The Prevention of Money Laundering Act also establishes the Financial Intelligence Analysis Unit (FIAU).
The Prevention of Money Laundering Act and the Prevention of Money Laundering and Funding of Terrorism Regulations are supplemented by the Implementing Procedures issued by the FIAU. The Implementing Procedures provide an interpretation of the regulations and their purpose is to guide and assist subject persons in understanding and fulfilling their obligations under the regulations, thus ensuring effective implementation thereof. The Implementing Procedures are binding on subject persons and failure to comply is subject to an administrative penalty.
