Issue
CONFIDENTIAL
-
Objective/explanation
10
-
Present status/progress
China
interest
UK
interest
Secretary for Monetary Affairs
U.S. information
and reporting requirements on
banks
The Kerry Amendment to the U.S. Anti-Drug Abuse Act, the Advanced Notice on Proposed Rulemaking on International Payments and some of the proposed legislation in the recent U.S. Senate Subcommittee Report on Drug Money Laundering, Banks and Foreign Policy cause concern because of extra-territoriality and their possible adverse implications on banks operating in Hong Kong. The Hong Kong Association of Banks is also concerned.
In connection with the Kerry Amendment, the Americans' response on alternative information exchange arrangement provided in the context of the draft model agreement for the purpose of designation under section 28 of the Drug Trafficking (Recovery of Proceeds) Ordinance is awaited. MAB intends to express concern regarding the Proposed Rulemaking on International Payments along the UK line. The U.S. Senate Subcommittee Report is being examined to see what additional representations should be made.
CONFIDENTIAL
X