Regulatory Alerts2022-03-11
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Statements issued by the Financial Action Task Force
The Hong Kong Monetary Authority updates authorized institutions on Financial Action Task Force statements regarding high-risk jurisdictions and the situation in Ukraine. Institutions must continue applying enhanced due diligence measures to Iran and North Korea while monitoring emerging risks associated with the conflict in Ukraine. The document also highlights FATF plenary outcomes, specifically amendments to Recommendation 24 requiring jurisdictions to prevent the misuse of legal persons for money laundering or terrorist financing.
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