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ARTICLE · 30 JANUARY 1996

Hong Kong Tightens Up On Money Laundering

Mayer Brown
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Money laundering is the "cleansing" of dishonestly obtained money, such as earnings from drug sales or the proceeds of a fraud, so that it appears to have been obtained honestly. Hong Kong already had two pieces of legislation to control such activities: the Drug Trafficking (Recovery of Proceeds) Ordinance ("DTRPO"); and the Organised and Serious Crimes Ordinance ("OSCO")

Since September, 1995 amendments to these Ordinances have :

(a) extended the government's power to attack money laundering associated with drug trafficking and other serious offences; and

(b) imposed statutory duties on providers of financial and professional services to disclose and to make proper inquiries into suspicious transactions.

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