27 November 2003
To: Chief Executive of all authorized insurance institutions
carrying on long term business
Dear Sir/Madam,
& Guideline on the Combat of Terrorist Financing
I refer to the Supplement to the Guidance Note on Prevention of Money Laundering and the Guideline on the Combat of Terrorist Financing issued to you under cover of my letter of 25 June 2003.
As I have mentioned in my above letter, the Supplement and the Guideline were prepared taken into account some of the changes proposed by the Financial Action Task Force on Money Laundering in its revised 40 Recommendations. However, we understand that most of our international counterparts have yet to implement the new requirements under the 40 Recommendations. Other financial services regulators in Hong Kong are also only preparing for the new requirements in the anti-money laundering and combat of terrorist financing.
As some insurers or insurance brokers carrying on long term business in Hong Kong are members of financial conglomerates conducting business worldwide, a consistent timing in implementing the new requirements will facilitate concerned parties with the modification of their systems to meet the new requirements globally.
In this regard, the deadline for implementation of the Supplement and the Guideline will be extended beyond the original date of 31 December 2003. You will be advised of the revised implementation date when further developments are made in the international arena. In the meantime, you are required to adhere to the requirements set out in the Guidance Note on Prevention of Money Laundering issued by the Insurance Authority in 2000.
Yours sincerely,
(Benjamin Tang)
Commissioner of Insurance
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