The Hong Kong Financial Services and the Treasury Bureau (FSTB) has issued two public consultation documents concerning proposals on beneficial ownership and customer due diligence requirements. The proposals are made in an effort to meet prevailing international standards to combat money laundering and terrorist financing. The beneficial ownership consultation document seeks views on amendments to the Companies Ordinance to enhance transparency of corporate beneficial ownership. This includes requiring companies incorporated in Hong Kong to provide beneficial ownership information or declare that there are no people with significant control. The customer due diligence consultation document seeks views on amendments to the...