Hong Kong Anti-Terrorist Financing Ordinance to feature in training course

July 16, 2012 - PRLog -- The Hong Kong Monetary Authority has updated its Anti Money Laundering and Counter Terrorist Financing Guideline for banks.

The announcement, made late on Friday 13 July 2012, relates to changes in statute that were published that morning in The Gazette, the government's official newspaper and which have immediate effect.

On the face of it, the changes, made by the United Nations (Anti-Terrorism Measures) (Amendment) Ordinance 2012 appear to be little more than semantics: the word "property" replaces "funds" in relation to terrorist financing, for example. But it is much more than semantics for "funds" has a narrow interpretation. "Property" includes making available any thing for use by those who are or may be involved in terrorism. It means that issues such as "providing material support" make more sense.

The amendments also broaden the power to freeze, seize and confiscate property suspected of being related to terrorism.

The change in wording is  much more than semantics: the Ordinance operates in respect of all persons, not only financial institutions. As a result, it applies to businesses that provide services that terrorists may use such as mail boxes, mobile phones and rented housing.

A session dealing with the consequences of this significant amendment has been added to a seminar planned by The Financial Crime Forum to be held in Hong Kong on the 16/17 August 2012. For more information see http://www.financialcrimeforum.com/public/sanctions_shipping