U.S. and Hong Kong (2008)

IMPLEMENTATION OF CERTAIN LEGISLATIVE PROVISIONS RELATING TO THE INTERNATIONAL MONETARY FUND

A Report to Congress in accordance with Sections 1503 and 1705(a) of the International Financial Institutions Act, Section 801(c)(1)(B) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2001 and Section 605(d) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1999

United States Department of the Treasury
January 2008

[ ...Intervening Text... ]

Introduction

[ ...Intervening Text... ]

Report on specific provisions

I. Section 1503(a)

(1) Exchange rate stability

[ ...Intervening Text... ]

This new framework is in the process of being implemented. Some Article IV's have been delayed, included China's, in order to incorporate the new framework into the Article IV reviews.

[ ...Intervening Text... ]

(15) Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

[ ...Intervening Text... ]

The USED/IMF office played a crucial role in mobilizing the IMF Board support for this initiative, as well as making sure note is taken of AML/CFT issues in Article IV reviews and reports, IMF programs, and other regular reviews of country progress. Examples include:

[ ...Intervening Text... ]

• In its December 2006 statement on Hong Kong's Article IV review, the USED noted that Hong Kong authorities are taking steps to improve their AML/CFT legislative framework. The USED called for improved enforcement of AML/CFT measures, and highlighted the need for greater regulatory oversight.

[ ...Intervening Text... ]