FINANCIAL LEADERS MEET

The Financial Leaders Forum chaired by Financial Secretary Paul Chan held its 18th meeting today, in which members were briefed on Hong Kong-Shenzhen financial collaboration, anti-money laundering and enhancing the city’s attractiveness as a family office hub.

Participants were informed about the latest developments on deepening Hong Kong’s financial co-operation with Shenzhen and Qianhai.

Since the promulgation of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area and the Plan for Comprehensive Deepening Reform & Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone, the Hong Kong Special Administrative Region Government has been working closely with relevant Mainland authorities to promote connectivity and co-operation in respect of capital, services and professions.

Members expressed their hope that the Government and relevant financial regulators would continue to leverage Hong Kong’s unique advantages of “one country, two systems” to seize the opportunities brought about by bay area development and the Qianhai plan, in order to promote the further development of Hong Kong’s financial sector and contribute to the reform and opening up of the country’s financial market.

Meanwhile, the Financial Services & the Treasury Bureau elaborated on the legislative proposals to amend the Anti-Money Laundering & Counter-Terrorist Financing Ordinance, including the establishment of a licensing regime for virtual asset services providers, setting up a two-tier registration regime for dealers of precious metals and stones and other technical amendments.

The members said they believed that the proposed amendments would enable Hong Kong to fulfil its obligations under the Financial Action Task Force, thereby safeguarding the city’s reputation as an international financial centre and enhancing its competitiveness as a virtual asset service platform.

As for strengthening Hong Kong’s attractiveness as a family office hub, the participants learnt that such measures include creating a facilitating business environment for family offices, providing clarity on the licensing obligations of family offices, and the proposal to provide a tax concession for eligible family-owned investment holding vehicles.

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