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Suspicious Transaction Reporting

Suspicious Transaction Reporting. Drug Trafficking (Recovery of Proceeds) Ordinance, Cap.405, section 25A(1) Organized and Serious Crimes Ordinance, Cap.455, section 25A(1) United Nations (Anti-Terrorism Measures) Ordinance, Cap.575, section 12(1). ILD#186521.

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Suspicious Transaction Reporting

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  1. Suspicious Transaction Reporting • Drug Trafficking (Recovery of Proceeds) Ordinance, Cap.405, section 25A(1) • Organized and Serious Crimes Ordinance, Cap.455, section 25A(1) • United Nations (Anti-Terrorism Measures) Ordinance, Cap.575, section 12(1) ILD#186521

  2. Organized and Serious Crimes Ordinance, Cap.455, section 25A(1) “Where a person knows or suspects that any property - (a) in whole or in part directly or indirectly represents any person's proceeds of; (b) was used in connection with; or (c) is intended to be used in connection with, an indictable offence, he shall as soon as it is reasonable for him to do so disclose that knowledge or suspicion, together with any matter on which that knowledge or suspicion is based, to an authorized officer. ”

  3. United Nations (Anti-Terrorism Measures) Ordinance, Cap.575, section 12(1) “Where a person knows or suspects that any property is terrorist property, then the person shall disclose to an authorized officer the information or other matter- (a) on which the knowledge or suspicion is based; and (b) as soon as is practicable after that information or other matter comes to the person's attention.”

  4. “Authorized Officer”Cap. 405/455 • any police officer • any customs officer • any other person authorized in writing by the Secretary for Justice

  5. “Authorized Officer”Cap. 575 • any police officer • any customs officer • any immigration officer • any ICAC officer

  6. Amount of the Suspicious Transaction • Any amount • Any form of property • Incomplete/attempted transactions • Transactions related to tax matters

  7. Maximum Penalty for the Offence under s.25A(1) of Cap.405/455 and s.12(1) of Cap.575 • 3 months’ imprisonment and a fine of HK$50,000

  8. Defence to “Money Laundering” Offence s.25A(2) of Cap.405/455s.12(2) of Cap.575 • “Money Laundering” Offence s.25, Cap.405/455 s.14, Cap.575 “Subject to section 25A, a person commits an offence if, knowing or having reasonable grounds to believe that any property in whole or in part directly or indirectly represents any person's proceeds of an indictable offence, he deals with that property.” (s.25, Cap.455)

  9. What needs to be proved for the defence • Disclosure is made and he continues to deal with the property with the consent of an authorized officer • After dealing with the property, he takes the initiative to disclose as soon as it is reasonable for him to make it • He intended to disclose and there is reasonable excuse for his failure to make disclosure in accordance with the above two situations

  10. Protection (s.25A(3), Cap. 405/455) (s.12(3), Cap. 575) Such disclosure - • shall not be treated as a breach of any restriction upon the disclosure of information imposed by contract or by any enactment, rule of conduct or other provision; • shall not render the person who made it liable in damages for any loss arising out of- • the disclosure; • any act done or omitted to be done in relation to the property concerned in consequence of the disclosure.

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