Hong Kong is fully committed to carrying out the international obligations on anti-money laundering and counter-financing of terrorism (AML/CFT), and has been playing an active role in the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering (APG). Hong Kong has been a member of the FATF and APG since 1991 and 1997 respectively.
To learn more about FATF and APG’s guidance papers, you may go through the below websites
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Financial Action Task Force (FATF)
Recommendations
The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. The original FATF Forty Recommendations were drawn up in 1990, revised for the first time in 1996 and second time in 2003. FATF has endorsed a new set of Recommendation in February 2012.
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FATF Public Statements
The FATF, being the global standard setting body for anti-money laundering and counter-financing of terrorism (AML/CFT), releases Public Statements listing those identified jurisdictions with strategic deficiencies in AML/CFT and works with them to address those deficiencies that pose a risk to the international financial system.
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FATF Guidance
The FATF has developed various guidance and best practices to assist jurisdictions in their implementation of the FATF Recommendations.
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APG Methods and Trends documents
The APG undertakes detailed and relevant typologies research to better understand the money laundering and terrorist financing environment in the Asia/Pacific region. Findings provide decision makers and operational experts with up-to-date empirical information in order that they may develop policies and strategies to combat these threats.
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APG Implementation Issues documents
Certain key determinates affect the pace of implementation of AML/CFT standards. Gaining, maintaining and sustaining political will among APG members is the primary determining factor, which is linked to the levels of AML/CFT awareness, understanding and trust. Implementation can be negatively affected in a ‘non supporting’ environment – an APG member may resist external pressure because it is perceived to be contrary to prevailing political and economic objectives.