Proliferation Financing in Hong Kong Hears Cautionary Words From the FATF

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The Financial Action Task Force’s (FATF’s) latest mutual evaluation report on Hong Kong was released earlier in the month. It encourages the Asian nation to continue to closely monitor its exposure to proliferation financing, especially from North Korea.

The jurisdiction has become a sanction hot spot as a result of impositions by the Foreign Asset Control of the US Treasury’s Office. The ease and straightforwardness of incorporating companies makes it a top choice for running shell companies operating on behalf of less represented and more developing governments such as Venezuela and Iran.