Answer ...
Legislation |
AML/CFT offences |
Maximum penalty |
Summary conviction |
Conviction upon indictment |
Section 25 of the Organised and Serious Crimes Ordinance (OSCO) |
Dealing with property while knowing or having reasonable grounds to believe that the property either wholly or partly represents proceeds of an indictable offence. |
- Imprisonment for three years.
- Fine of HK$500,000.
|
- Imprisonment for 14 years.
- Fine of HK$5 million.
|
Section 25 of the Drug Trafficking (Recovery of Proceeds) Ordinance (DTROP) |
Dealing with property while knowing or suspecting that the property either wholly or partly represents proceeds of drug trafficking. |
Section 8A, Section 14(1A) of the United Nations (Anti-Terrorism Measures) Ordinance (UNATMO) |
Dealing, without a licence granted by the secretary for security, with the knowledge of or being reckless as to whether the property is:
- specified terrorist property (ie, property of specified terrorists or terrorist associates or any property that is intended to be used to finance the travel of individuals for the purpose of perpetration, planning or preparation of, or participation in, terrorist acts, or that was used to finance or assist the commission of a terrorist act);
- wholly or jointly owned or controlled by a specified terrorist or terrorist associate; or
- held by a person on behalf of, or at the direction of, a specified terrorist or terrorist associate.
|
- Imprisonment for two years.
- Fine of HK$100,000.
|
- Imprisonment of 14 years.
- Fine of unfixed amount.
|
Section 5(5), Sch 2, Part 2, of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) |
A financial institution (FI) knowingly contravenes a specified provision as defined in Section 5 of AMLO relating to customer due diligence (CDD) requirements. |
- Imprisonment for six months
- Fine of HK$100,000
|
- Imprisonment for two years.
- Fine of HK$1 million.
|
Section 5(6), Sch 2, Part 2 of AMLO |
An FI, with intent to defraud a relevant authority, contravenes a specified provision as defined in Section 5 of AMLO relating to CDD requirements. |
- Imprisonment for one year.
- Fine of HK$500,000.
|
- Imprisonment for seven years.
- Fine of HK$1 million.
|
Section 5(7), Sch 2, Part 2 of AMLO |
An employee or manager of an FI knowingly causes or permits the FI to contravene a specified provision as defined in Section 5 of AMLO, relating to CDD requirements. |
- Imprisonment for six months.
- Fine of HK$100,000.
|
- Imprisonment for two years.
- Fine of HK$1 million.
|
Section 5(8), Sch 2, Part 2 of AMLO |
An employee or manager of an FI, with intent to defraud the FI or any relevant authority, knowingly causes or permits the FI to contravene a specified provision as defined in Section 5 of AMLO relating to CDD requirements. |
- Imprisonment for one year.
- Fine of HK$500,000
|
- Imprisonment for seven years.
- Fine of HK$1 million.
|
Please see question 5.3 for codified defences. There are no common law defences for AML/CFT offences.