Hong Kong’s Financial Services and Treasury Bureau (FSTB) is one of the policy bureaux which functions under the auspices of the government of Hong Kong. Its primary responsibility is overseeing, managing, and developing Hong Kong’s financial and treasury-related government policies.

The FSTB was established in 2002. It resulted from merging the Financial Services Bureau and the Financial Bureau, both previously known under colonial-era names. Both of the bureaux which merged had been established in 1997 after the conclusion of the colonial era.

The FSTB also plays a role in bolstering Hong Kong’s attempts to guard against the effects of money laundering and terrorist financing.

Collaborative Efforts of the FSTB and Hong Kong Government Against Money Laundering and Terrorist Financing

Thus, one other key responsibility of the FSTB is that of working with the government of Hong Kong to formulate policies which counter money laundering and terrorist financing in Hong Kong. It also monitors the efficacy of such policies, ensures that the government and its policies comply with global standards which defend countries and their economies from money laundering and terrorist financing, and facilitates cooperation between all parties involved in such matters.

The FSTB is also supported by the Security Bureau (SB). Together, the FSTB and SB work on solving problems related to issues such as customer due diligence, the declaration and disclosure system for currency and bearer negotiable instruments, and record-keeping measures to be used by designated non-financial businesses and professions.

Thus, the FSTB does not complete its tasks alone; it works with the Hong Kong government’s other bureaux to ensure that all of its duties can be properly completed.

The FSTB is part of a Central Coordinating Committee (CCC). Each CCC member aids in implementing and enforcing Hong Kong’s laws against money laundering and terrorist financing. 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.

Hong Kong’s Coordinated Efforts Against Money Laundering and Terrorist Financing

The leader of the CCC is the Financial Secretary. CCC members, including the FSTB, discuss combating money laundering, and terrorist financing, and adapting policies to international issues.

The FSTB also leads an anti-money laundering coordination and supervision group. The other members of this group include several of Hong Kong’s policy bureaux and certain law enforcement agencies.

Membership of this group is solely through invitation. Members discuss implementing Hong Kong’s anti-money laundering laws and their intended effects on countering terrorist financing.

Influence of the FSTB on Hong Kong’s Companies Ordinance and Company Incorporation

The FSTB can occasionally influence changes in the Companies Ordinance, the primary law governing Hong Kong company incorporation. The FSTB can propose amendments to the Companies Ordinance, significantly impacting established companies in Hong Kong.

However, in most cases, such amendments only apply to companies limited by guarantee or by shares as well as unlimited companies. Publicly listed companies are typically unaffected by these changes, as they are 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. can assist you in this endeavour. Our incorporation team will work with you for your new Hong Kong company to be established.

Our services ensure your Hong Kong company incorporation will be completed smoothly and without any issues.

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Come down to our office or get in touch virtually company incorporation assessment and other corporate services.

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