- Instructor: Rita Cheung
- Duration: 3 hours
Date: 15 October 2022 (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
Highlight: This seminar discusses the recent developments of the Hong Kong money laundering regime. What are the new statutory customer due diligence and record-keeping requirements imposed on designated non-financial business and professions (DNFBPs), including lawyers and accountants? Must the actual ‘criminal’ source of the property be proved in prosecutions? What is the mental element on a charge of money laundering? What is the solicitors’ role in customer due diligence and record-keeping?
- The anti-money laundering regime
Organised and Serious Crimes Ordinance (Cap 455) ; Anti-Money Laundering and Counter-
Terrorist Financing (Financial Institutions) Ordinance (Cap 615) ; Licensing regime for trust or company service providers
- 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
- Solicitors’ role in due diligence
Practice Direction P; HKSAR v Wu Wing Kit [2017] HKDC 1064; The Foreign Account Tax Compliance Act (FATCA) and CRS
