Regulatory Alerts2013-06-07
Added · Updated
HKMA Circular on Tax Evasion and AML/CFT Controls
The Hong Kong Monetary Authority reminds authorized institutions of their obligation to implement robust systems and controls to prevent the facilitation of tax evasion and the laundering of its proceeds. The regulator intends to include tax evasion as a focus area in upcoming on-site examinations and will dedicate an annual seminar theme to this issue. Authorized institutions are required to ensure senior management deliberates on these risks and maintains adequate records of their risk assessment and mitigation strategies.
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