Basically, HKMA will follow United Nations Sanctions Ordinance. such like that: http://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2014/20140704e2.pdf that will circular to HK'S banks.
The impact of sanctions law on financial institutions
Hong Kong
In Hong Kong, UN sanctions are given legislative effect locally via regulations made under the United Nations Sanctions Ordinance (Cap 537). These regulations vary in nature and scope depending on the identity of the sanctioned targets. Most regulations2 impose prohibitions against making “available any funds or other financial assets or economic resources to, or for the benefit of, a relevant person or a relevant entity”. However, there can be subtle differences between the provisions. For example, while the regulation in respect of Liberia prohibits the provision of “any technical training or assistance related to the supply, delivery, manufacture, maintenance or use of any prohibited goods”3, other regulations specifically define “other assistance” to include “investment, brokering or other financial services”4.
A breach of the Hong Kong regulations may be punishable on conviction by indictment by an unlimited fine and imprisonment for a term not exceeding 7 years5. Some of the regulations prescribe that if the person convicted of an offence is a body corporate or firm and it is proved that an officer or partner thereof consented to, connived in, or was guilty of neglect in the commission of the offence, such officer or partner shall be guilty of the same offence6.
Whilst it is evident that financial institutions operating in Hong Kong, or operating elsewhere but incorporated under the laws of Hong Kong, have to comply with UN sanctions gazetted by the Hong Kong SAR Government, the applicability of the US Treasury’s OFAC sanctions is less clear-cut if the financial institution in question is not an OFAC-defined “US person”. In practice, however, the HKMA requires all financial institutions under its supervision to screen their transactions against both UN and OFAC sanction lists.
Footnotes
- For instance, see section 7(1) of the United Nations Sanctions (Iran) Regulation (Cap 537AF) and section 5(2) of the United Nations Sanctions (Somalia) Regulation (Cap 537AN).
- See section 5(2) of the United Nations Sanctions (Liberia) Regulation (Cap 537AM).
- See section 4(3) of the United Nations Sanctions (Somalia) Regulation (Cap 537AN).
- See section 3(3) of the United Nations Sanctions Ordinance (Cap 537).
- See section 26 of the United Nations Sanctions (Somalia) Regulation (Cap 537AN).
News:
1. http://www.bloomberg.com/news/2014-07-29/new-sanctions-readied-by-u-s-eu-as-russia-prepares.html
2. http://law.lexisnexis.com/webcenters/hk/Hong-Kong-Lawyer-/UN-Iran-sanctions-risks-and-implications-for-Hong-Kong-companies
3. Hong Kong banks investigated by HKMA over money laundering breaches => http://www.scmp.com/news/hong-kong/article/1534371/hong-kong-banks-investigated-money-laundering-breaches
4. http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International
5. http://www.sanctionswiki.org/Older_News_Items
FOR years the BRICS countries have insisted they are more than an acronym. To dispel any lingering doubts, the leaders of Brazil, Russia, India, China and South Africa, who gathered in the Brazilian city of Fortaleza for their sixth annual summit on July 15th, announced the creation of two financial institutions: the New Development Bank (NDB) to finance infrastructure and “sustainable development” projects, with $50 billion in capital to start with, and the $100 billion Contingent Reserve Arrangement (CRA), to tide over members in financial difficulties.
News: http://thediplomat.com/2014/07/3-reasons-the-brics-new-development-bank-matters/
http://www.bbc.com/news/business-28321534
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