(O6) (Live Presentation and Webinar) (RME Elective) Money Laundering

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?

  1. 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).
  1. 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
  1. 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
  1. Solicitors’ role in due diligence
  • Practice Direction P
  • HKSAR v Wu Wing Kit [2017] 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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Rita Cheung
Dr. Rita Cheung L.L.B., P.C.L.L. (HKU); L.L.M, Ph.D. (King’s College Lond.). She obtained her Ph.D. in Law on the topic of minority shareholders’ rights from King’s College London. She was called to the Bar in 2006, and taught Law upon obtaining her doctorate degree. She writes in the field of company law in refereed journals including Cambridge Law Journal, Lloyd’s Maritime and Commercial Law Quarterly, and Journal of Business Law. She has been regularly invited to speak at international conferences on money laundering and corporate crime. She is a member of the editorial board of the Journal of Financial Crime.