New Legislation Alert – Strengthening Financial Integrity in Hong Kong

HONG KONG, June 2025 — The Legislative Council has passed the Banking (Amendment) Bill 2025, ushering in a new legal framework that empowers banks to voluntarily share account information with law enforcement authorities under defined conditions. The move aims to bolster efforts to detect and prevent financial crimes, including money laundering and terrorist financing.

Under the new ordinance, banks and law enforcement agencies will be able to exchange information through secure communication platforms designated by the Hong Kong Monetary Authority (HKMA). This mechanism facilitates the timely identification and disruption of suspicious financial activity involving both corporate and individual accounts.

The bill emphasizes that information sharing is strictly voluntary and must align with existing legal safeguards. It also grants legal protection to financial institutions that disclose data in good faith and within the prescribed framework.

Authorities highlight that the initiative enhances Hong Kong’s financial integrity and reinforces its status as an international financial centre committed to combating illicit finance.

While the bill has been passed, the specific commencement date will be announced separately by the government.