Guidance Paper on Anti-Money Laundering （关于反洗钱指导论文）.pdf

GUIDANCE PAPER Anti-Money Laundering Controls over Tax Evasion March 2015 1 Background 1.1 Increasing levels of globalisation have facilitated the ease by which taxpayers may manage investments, particularly through financial institutions outside their country of residence. The Organisation for Economic Co-operation and Development (“OECD”) has assessed that vast amounts of money are kept offshore and are untaxed. Tax evasion1 has become a serious problem for jurisdictions all over the world, which have a shared interest in maintaining the integrity of their financial and tax systems. Critical in the fight against tax evasion is the requirement for a robust set of anti-money laundering (“AML”) control systems, including customer due diligence (“CDD”) procedures, which identify risks of tax evasion and lead to the application risk-based measures to manage those risks. 1.2 Hong Kong is fully committed to safeguarding its financial system from being used to facilitate tax evasion. It has long been the position of the Hong Kong Monetary Authority (“HKMA”) that it is important for authorized institutions (“AIs”) to act prudently in the conduct of their customer relationships