HONG KONG—Banks in Hong Kong are advised to disclose related property of clients who are found in breach of the city’s “national security law”, according to the latest guidelines from its banking association. The advice was introduced in an Oct. 22 update of the Hong Kong Association of Banks’ (HKAB) frequently asked questions in relation to anti-money laundering and counter-financing terrorism, which was published on the website of the Hong Kong Monetary Authority (HKMA). Banks should disclose property held by any client who is arrested or charged for an offense under the “national security law” or when they have knowledge or suspicion that a property is “offence related property” after receiving information from law enforcement agencies, per the clause. An HKMA spokesperson said HKMA and the banking sector discuss implementation issues with stakeholders including law enforcement agencies in the anti-money laundering and counter-financing terrorism areas from time to time per …
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