Hong Kong regulators and financial institutions should not rest from constant threats posed by criminal elements. The latest Financial Action Task Force (FATF) Hong Kong Mutual Evaluation Report, the fifth Hong Kong has undergone, was released on September 4, 2019. As we anticipated in August
, Hong Kong was rated ‘‘compliant and with a substantial level of effectiveness overall.’’
This article shares insight on Hong Kong's strong legal foundation for combating money laundering and terrorist finance and discusses what the recent evaluation means for Hong Kong regulators and the financial services industry.