The importance of compliance with AML requirements across jurisdictions
Regulators are taking firm action again non-compliance with AML and CFT regulations as highlighted by these recent enforcement cases in Hong Kong and BVI.
Hong Kong
Hong Kong Budget 2023-24
Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2023-24 in his Budget Address on 22 February 2023. Highlights of some measures of particular interest to Hong Kong companies and those with business interests in Asia, are set out below.
Dormancy of a Hong Kong Limited Company
When clients find that they no longer need their Hong Kong company they would naturally like to reduce their Company-related costs. With our clients’ best interests in mind, Marbury would usually recommend that the Company be formally deregistered in order to prevent future liabilities. However, if there is a chance that the Company may be needed at a later stage, you may consider declaring the Company dormant.
Deregistration of a Hong Kong Limited Company
When at the end of its useful life, deregistration is an easy and inexpensive procedure to close a Hong Kong defunct solvent company, and to prevent future liabilities to the Company and its officers. We have prepared a short overview of the process here.