The FSTB is part of a Central Coordinating Committee (CCC). Each organization which is a member of the CCC works to assist in the implementation and enforcement of laws and regulations related to money laundering and terrorist financing in Hong Kong. Other than the FSTB, other members of the CCC include the SB, the Department of Justice, financial regulators, law enforcement agencies, and certain other bureaux and departments of the Hong Kong government. The leader of the CCC is the Financial Secretary. The members of the CCC, including the FSTB, meet to discuss the latest developments in money laundering and terrorist financing in Hong Kong, how to best guard against them, and future policy changes in order to adapt to international issues involving such matters.
The FSTB also leads an anti-money laundering coordination and supervision group. The other members of this group include several other of Hong Kong’s policy bureaux and certain law enforcement agencies. Membership of this group is solely through invitation. Members of this group discuss how the laws of Hong Kong designed to counter money laundering and terrorist financing are to be implemented as well as the effects that such laws ought to bring about.
On certain occasions, the FSTB even has the ability to affect change in the Companies Ordinance, which is the primary law that governs companies and their incorporation in Hong Kong. It has the power to propose amendments to the Companies Ordinance which would have widespread effects on companies which have been established in Hong Kong. However, in most cases, such amendments only apply to companies limited by guarantee or by shares as well as unlimited companies. Companies which are publicly listed usually remain unaffected by such legal changes because they are primarily governed by the Securities and Futures Ordinance.
Incidentally, should you have taken an interest in starting a Hong Kong-based company for yourself, we at Paul Hype Page & Co are able to assist you in this endeavor. Our incorporation team will work with you in order for your new Hong Kong company to be established. Through the services which we provide, you can be certain that the incorporation of your Hong Kong company will be completed without any trouble.