- Instructor: Rita Cheung
Categories: Legal CPD
Date: 14 October 2023 (Saturday) Time: 9:30am-12:45pm Language: English Level: Elementary
Speaker: Dr. Rita Cheung, MCAL Solicitors LLP
Lawyer CPD / ACCA CPD / SFC CPT / Insurers’ CPD Pts: 3 Fee: HK$1,790
This seminar discusses the recent developments of the anti-money laundering regime. What are the new anti-money laundering law on regulating virtual assets (including cryptocurrencies like bitcoin) and dealers in precious metals and stones?
- Reforming the anti-money laundering regime
Customer due diligence obligations
- Reform (1): financial institutions’ (金融機構)
- Reform (2): four sectors of designated non-financial business and professions (DNFBPs) (指定非金融業人士): solicitors, accountants, estate agents, and trust or company service providers
- Reform (3): 2023 witnesses a licensing regime for virtual asset (虛擬資產) service providers (Part 5B), together with a two-tier registration regime for dealers in precious metals (貴金屬)(Part 5C).
- Proving the ‘criminal’ source of property in money laundering prosecutions
- Must the actual “criminal” source of the property be proved?
- Can ‘clean’ money be laundered?
- HKSAR v Carson Yeung (2016) 19 HKCFAR 279
- The mental element
- What is the mental element on a charge of money laundering?
- Should the court take into account a defendant’s ‘beliefs, thoughts, and intention’?
- HKSAR v Pang Hung Fai (2014) 17 HKCFAR 778
- HKSAR v Harjani Haresh Murlidhar (2019) 22 HKCFAR 446
- Solicitors’ role in due diligence
- Practice Direction P
- HKSAR v Wu Wing Kit  HKDC 1064Remark: All eligible lawyers including partners, sole proprietor, consultants, assistant solicitors, foreign lawyers and trainees should take at least 3 Elective RME points each year. All solicitors can have 4 CPD points per seminar. However, we will give the priority to all eligible solicitors in obtaining elective RME points and CPD points.
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