Hong Kong has been a member of the Financial Action Task Force ("FATF") since 1991. In order to bring Hong Kong's regulatory regime in line with FATF's international requirements for combating money laundering and terrorist financing, the Companies (Amendment) Bill 2017 (the "Bill") was published in the Gazette on 23 June 2017 to amend the Companies Ordinance (Cap 622). The Bill has recently been passed and will come into effect on 1 March 2018.
The new legislation requires companies incorporated in Hong Kong to disclose the beneficial ownership information by keeping a register of persons who have significant control over the company (the "Register of Significant Controllers"). This will make the ownership and control of business entities more transparent. The new law will also safeguard the integrity of Hong Kong as an international financial centre and add to the credibility of Hong Kong as a trusted and competitive place to do business.
Intertrust Hong Kong has prepared a write-up to guide you through the changes and to provide you with more information. Please click here for our write-up.
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