[Hong Kong] Cross-Agency Steering Group announces next
steps to advance Hong Kong’s green and sustainable finance strategy
SFC
News, 15 Jul 2021
The
Green and Sustainable Finance Cross-Agency Steering Group announced the next
steps to advance its collaborative strategy to bolster Hong Kong’s position as
a leader in green and sustainable finance and help transition the financial
ecosystem towards carbon neutrality. As priorities, the Steering Group will
focus on climate-related disclosures and sustainability reporting, carbon
market opportunities and the launch of the new Centre for Green and Sustainable
Finance.
Full
text: click here
[Hong Kong] Hong Kong arrests four in alleged $209
million crypto laundering
Straits Times, 15 Jul 2021
Hong
Kong Customs officials said they had dismantled a money laundering syndicate
that used cryptocurrency to process some HK$1.2 billion in illegal funds, in what
they said was the first successful operation of its kind. Investigators said
four men - including the alleged local mastermind of the syndicate - had been
arrested and bailed while some HK$20 million had been frozen. The men opened
various local bank accounts with shell companies and made transactions through
a virtual currency exchange trading platform to turn laundered crypto into real
cash for clients.
Full
text: click here
[Hong
Kong] Circular to Money Service Operators - Anti-Money Laundering /
Counter-Terrorist Financing Statements issued by the Financial Action Task
Force
C&ED
Circular, 15 Jul 2021
Hong
Kong Customs and Excise Department issued a circular to inform money service
operators that the Financial Action Task Force advised its members to refer to
the list of high-risk jurisdictions subject to a call for action adopted in
February 2020, namely Iran and the Democratic People’s Republic of Korea, and
that the FATF’s call for action on these high-risk jurisdictions remains in
effect. In addition, the FATF has issued an updated statement on Jurisdictions
under Increased Monitoring. Money service operators are reminded that four new
jurisdictions were added into the list, namely Haiti, Malta, Philippines and
South Sudan, while one jurisdiction, namely Ghana, was removed from the list.
Additionally, the FATF also published various other outcomes of its recent
Plenary which may be of interest to MSOs.
Full
text: click here
[Hong
Kong] Warning statement on unregulated virtual asset platforms
SFC
News, 16 Jul 2021
The
SFC is aware that Binance has offered trading services in stock tokens in a
number of jurisdictions and is concerned that these services may also be offered
to Hong Kong investors. The SFC wishes
to make it clear that no entity in the Binance group is licensed or registered
to conduct “regulated activity” in Hong Kong. Stock Tokens are likely to be
“securities” under the Securities and Futures Ordinance and if so, they are
subject to the regulatory remit of the SFC. The SFC warns that where the Stock
Tokens are “securities”, marketing and/or distributing such tokens – whether in
Hong Kong or targeting Hong Kong investors – constitute a “regulated activity”
and require a licence from the SFC unless an applicable exemption applies.
Full
text: click here
[Hong
Kong] HKMA Releases the Guideline on Fund Certification for Carried Interest
Tax Concession
HKMA
News, 16 Jul 2021
The
HKMA issued a guideline on the certification of funds under Schedule 16D to the
Inland Revenue Ordinance in relation to tax concessions for carried interest. The
Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Ordinance
2021 was enacted to give profits tax and salaries tax concessions in relation
to eligible carried interest received by, or accrued to, qualifying persons and
qualifying employees on or after 1 April 2020 from the provision of investment
management services to certified investment funds. The tax concessions aim to
attract more private equity funds to operate and be managed in Hong Kong.
Full
text: click here
[Singapore] FATF Guidance on
Proliferation Financing Risk Assessment and Mitigation
MAS
News, 16 Jul 2021
The
MAS issued a notice to inform financial industry that the FATF recently published
the “Guidance on Proliferation Financing Risk Assessment and Mitigation” and revised
its Standards to require countries, financial institutions and designated
non-financial businesses and professions to identify, assess, understand and
mitigate their proliferation financing risks.
Full
text: click here
[Hong
Kong] SFC sanctions Sino-Rich Securities & Futures Limited’s responsible
officers
SFC
News, 19 Jul 2021
The
SFC has suspended the licence of Mr Budihardjo Wilhelm Soeharsono – chief
executive officer, director, responsible officer and money laundering reporting
officer of Sino-Rich Securities & Futures Limited– for 10 months from 15
July 2021 to 14 May 2022. Mr Shing Yan, an RO and director of Sino-Rich, has
been suspended for seven months from 15 July 2021 to 14 February 2022. The SFC
found that Sino-Rich’s failed to comply with anti-money laundering and
counter-terrorist financing regulatory requirements between April 2015 and
October 2017 and this failures were attributable to the failures of Budihardjo
and Shing to discharge their duties as ROs and senior management members of
Sino-Rich. Budihardjo also failed to
discharge his duties as an MLRO of Sino-Rich.
Full
text: click here
[Hong
Kong] SFC publicly censures BIT Mining Limited for breaches of the Takeovers
Code
SFC
News, 19 Jul 2021
The
SFC has publicly censured BIT Mining Limited (formerly known as 500.com
Limited) for breaching the rules on special deals under the Code on Takeovers
and Mergers. On 28 January 2021, Loto Interactive Limited announced a proposed
share subscription by BIT Mining which would trigger a mandatory general offer
upon completion. During the offer period, BIT Mining issued 85,572,963 class A
ordinary shares to Man San Law in February 2021. It subsequently issued 65,000
class A preference shares to Law in April 2021. The issue of shares to Law
constituted special deals under Rule 25 of the Takeovers Code and they were completed
without the consent of the Executive. Moreover, BIT Mining did not obtain
advice from its professional advisers on the Takeovers Code implications of
these deals.
Full
text: click here
[Hong Kong] Circular to licensed
corporations - Further updates to the Exemption Scheme
SFC Circular, 19 Jul 2021
In light of the adjustments to the
quarantine requirements for vaccinated persons arriving in Hong Kong announced
by the HKSAR Government on 21 and 26 June 2021, the Chief Secretary for
Administration of the HKSAR Government has approved revisions of the conditions
under the Exemption Scheme. In particular, inbound travelers, who have stayed
in high or medium risk places specified in Group B or Group C under Cap. 599H
or Taiwan, China during the 14 days prior to their arrival in Hong Kong and who
possess a positive result of a recognised serology antibody test, will be
subject to itinerary and point-to-point transportation requirements for the
first seven days instead of the entire 14-day medical surveillance period. The
"Guidelines for vehicles providing point-to-point transportation
arrangements for exempted persons (air crew, sea crew and others)”, the
requirement for the submission of attestation forms to the SFC and the antibody
testing and COVID-19 testing (post-arrival test) requirements of the Exemption
Scheme have also been updated.
Full text: click here
