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A new licensing regime for trust or company service providers (TCSPs) has been introduced under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. Under the new licensing regime, TCSPs are required to apply for a licence from the Registrar of Companies and satisfy a “fit-and-proper” test before providing trust or company services in Hong Kong.

The Hong Kong Companies (Amendment) Ordinance 2018 (the Amendment Ordinance) has introduced new requirements to enhance transparency of corporate beneficial ownership. Companies incorporated in Hong Kong are now required to obtain and maintain an up-to-date Significant Controller Register kept at the registered office in Hong Kong.

LARA is pleased to announce the success of its 2017 edition in Panama City. The exhibition was well received with over 2,500 visitors.

In January, Asiaciti Trust sponsored the Middle East Wealth Management Forum 2018 in Dubai. Laurence Black, Regional Director – EMEA, represented Asiaciti Trust on a panel of regional experts discussing the challenges of legacy planning for families and their businesses.

Singapore and Sri Lanka signed a free trade agreement on 23 January 2018. The Sri Lanka-Singapore Free Trade Agreement will strengthen economic ties and facilitate greater trade flow between the two countries.