On April 30, 2018, the Hong Kong government published its first Money Laundering and Terrorist Financing (ML/TF) Risk Assessment Report. The report concludes that Hong Kong is subject to a medium-high level of money laundering risk and a medium-low level of terrorist financing risk.
In this article, Protiviti’s Carol Beaumier and Petr Kranda outline some of the report’s sectoral risk assessments that financial institutions should familiarize themselves with to be able to explain how the specifically identified risks have been addressed in their institutions.