Q:
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What is money laundering?
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A:
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“Money laundering” is defined in Anti-Money Laundering Ordinance Hong Kong as an act intended to have the effect of making any property that is the proceeds obtained from the commission of an indictable offence under the laws of Hong Kong, or of any conduct which if it had occurred in Hong Kong would constitute an indictable offence under the laws of Hong Kong; or that in whole or in part, directly or indirectly , represent such proceeds, not to appear to be or so represent such proceeds.
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Q:
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What is terrorist financing?
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A:
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“Terrorist financing” is defined in Anti-Money Laundering Ordinance Hong Kong as followed:
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a.
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the provision or collection, by any means, directly or indirectly, of any property with the intention that the property will be used in whole or in part, to commit one or more terrorist act (whether or not the property is actually so used) ;
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b.
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making available or any property of financial (or related) service, by any means, directly or indirectly, to or benefit of a person knowing that, or being reckless as to whether, the person is a terrorist or a terrorist associate;
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c.
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the collection of property of solicitation of financial (or related) service, by any means, directly or indirectly, for the benefit of a person knowing that, or being reckless as to whether, the person is a terrorist or terrorist associate.
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Q:
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What is Anti- money laundering and Counter-Terrorist Financing policies?
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A:
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With effective from 1 March 2018, the Anti-Money Laundering Ordinance extended to cover designated non-financial businesses and professions, which includes accountant. It is mandatory for accountants to have anti-money laundering and counter terrorist policies and procedures such as client due diligences.
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Q:
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What is Anti-Money Laundering and Counter-Terrorist Financing policies related to the audit of my Company?
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A:
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We will obtain a list of information before the audit engagement and a Questionnaire for Due Diligence shall be fill and signed by you to ensure that the Anti-Money Laundering and Counter-Terrorist Financing policies are fully complied. Our professional audit team will guide you through the whole audit process step by step.
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FAQ
