Hong Kong Cracks Down on Fake Family Offices Amid Money Laundering Concerns

Hong Kong lawmakers have called for stronger action against so-called "fake family offices" allegedly used for money laundering and illicit fundraising. The issue was raised in a Legislative Council session led by Hon Tang Fei, who urged authorities to uphold international AML (anti-money laundering) standards.

Officials are committed to tightening licensing enforcement under the Securities and Futures Ordinance, strengthening due diligence and improving monitoring of suspicious transactions. Authorities are also working to prevent abuse of Hong Kong’s preferential tax regimes, with new anti-avoidance rules and industry-specific training underway.

The move reflects increasing concern over preserving the city's reputation as a legitimate and well-regulated global wealth management hub.