2141 AML Guidelines _ Financial Action Task Force On Money Laundering _ Money Laundering u s anti money laundering laws

More than meets the eye. The hong kong institute of chartered secretaries is an independent professional body with more than 5,000 members and approximately 2,500 students. It is dedicated to the promotion of its members’ role in the formulation and effective implementation of good corporate governance policies in hong kong and throughout china as well as the development of the profession of chartered secretary. The institute is part of the institute of chartered secretaries and administrators (ICSA) of london. It was first established in 1949 as an association of hong kong members of ICSA. It became a branch of ICSA in 1990 before gaining local status in 1994. The hong kong institute of chartered secretaries hong kong office 3/F., hong kong diamond exchange building, 8 duddell street, central, hong kong tel: (852) 2881 6177 fax: (852) 28815050 email: ask@hkics.Org.Hk website: www.Hkics.Org.Hk beijing representative office rooms 1014-1015 10/F., jinyu mansion no.129 xuanwumen xidajie xicheng district beijing, china P.C. 100031 tel: (86 10) 6641 9368 fax: (86 10) 6641 9078 email: bro@hkics.Org.Hk

u s anti money laundering laws

Anti-money laundering (AML) and counter terrorist financing (CTF) are two of the major challenges facing the world today. Only by working hand-in-hand with law enforcement agencies can business be rid of the multi-billion dollar scourge of money laundering that can, and does, cost lives and destroys the livelihood of thousands of people throughout the world. Money laundering strategies are in continual flux and no doubt this guide will need updating from time-to-time, but I believe that as chartered secretaries we have a duty to make sure that we are up-to-date with the latest AML/CTF procedures not only to better serve our clients and employers, but also as a matter of professional integrity. These guidelines, published by the hong kong institute of chartered secretaries (HKICS) are intended for use by all members, however particular attention is given to the trust and company service providers (TCSP) sector as this is an area that has recently been highlighted for a ttention by the financial action task fo rce (FATF), an inter-governmental body set up to combat money laundering.U s anti money laundering laws the audit in 2007 of hong kong by the FATF and the increase in attention paid to the TCSP sector by the hong kong government in relation to AML and CTF activities is testament to this view. The increasing awareness of the role played – wittingly and unwittingly-by those working in the TCSP sector, where many chartered secretaries work, is one of the reasons behind HKICS’ decision to publish these guidelines. By providing members with guidance on what to look for concerning money laundering and what steps they should take to avoid being party to money laundering as well as how to report suspected money laundering and terrorist financing activities, the institute hopes it can help members play a part in deterring and/or detecting such activities. I urge you to read and digest these guidelines which will also be available for download from the institute’s website.U s anti money laundering laws as professionals we must play our part and be seen to be doing so to counter money laundering and terrorist financing. I would like to thank the professional services panel and the secretariat for their input and leadership on this project as well as the members of the editorial board set up specifically to help produce these guidelines and the generous help provided by members of the joint financial intelligence unit and the narcotics division, security bureau in the writing of these guidelines. Without their help and support such a comprehensive set of guidelines would not have been possible.