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The Government today (December 1) gazetted certain amendments to the Organised and Serious Crimes Ordinance. Remittance agents and money changers will be required to verify customers' identity and keep records of transactions of $8,000 and above instead of the current threshold of $20,000 and above.
Remittance agents are also required to record and retain particulars of the sender and the instructor of a remittance transaction if the two are not the same person. The new requirements will take effect on January 26, 2007.
"As a member of the Financial Action Task Force on Money Laundering (FATF), the international anti-money laundering standard-setter, Hong Kong is obliged to adopt measures that are in line with established international standards," the Commissioner for Narcotics, Ms Sally Wong, said. "Failure to adopt those measures may render the industry vulnerable to abuse by criminals and terrorists."
"Remittance agents are also encouraged to take an additional step to combat terrorist financing by including the sender's information in the message accompanying the remittance. This would facilitate remittance agents to conduct remittances smoothly to countries which require such information to be attached," Ms Wong said.
The Narcotics Division of the Security Bureau consulted all local remittance agents and money changers in October and November 2006. The majority of the respondents supported the proposed changes. The Division has also sought the views of the Legislative Council Panel on Security. No objection was raised to the changes.
Ends/Friday, December 1, 2006
Issued at HKT 14:50
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