An interesting new law has just come into place in Korea which mandates that most large listed companies will have to have a compliance officer. Licensed lawyers and experienced legal academics are eligible to apply for such posts but so too are those with either a master’s degree or higher in law with at least five years of experience in audit or compliance department of a listed company or an undergraduate degree in law and ten years of experience with a listed company. Their role would be to oversee the companies’ compliance obligations and to work proactively to head off potential legal issues before they escalate.....More
Following on from my first blog describing the new Anti-Money Laundering Ordinance (AMLO) in Hong Kong that takes effect on 1st April 2012, the Hong Kong Monetary Authority (HKMA) which regulates banks in Hong Kong published its revised “Guideline on Anti-Money Laundering and Counter-Terrorist Financing” on 27th January.
As this is the start of the New Year, the imminent start of the Lunar New Year of the Dragon and my first offering for the ICA blog, it seems appropriate to give an overview of the AML situation here in Hong Kong and to look ahead to the new law that takes effect on 1st April 2012.....More