Hong Kong (HK)

Jurisdiction Overview

IDQuestionAnswer
360 *Are there criminal sanctions, custodial sentencing or any other statutory sanctions for breaches of banking secrecy? Unknown
 Data Date: 2019

Notes

 
While the Global Forum wrote that there are is no banking secrecy in Hong Kong (GF 2019: 98; GF 2013: 80), the banking ordinance, Section 120, contains confidentiality provisions and prison sentence in case of breach. However, it is not clear if this would apply to bank employees or only to bank managers and public officers of the bank regulator. Section 120.2 states: "Subsection (1) shall apply to any person who is or has been— (a)a public officer; (b)a person authorized by the Monetary Authority; (c)the Advisor of an authorized institution; (Replaced 49 of 1995 s. 36) (d)the Manager of an authorized institution; (Replaced 49 of 1995 s. 36) (da)a person appointed under section 53G(5); (Added 49 of 1995 s. 36)(e)a person appointed under section 117(2); and (f)a person employed by or assisting a person to whom this subsection applies by virtue of paragraph (b), (c), (d), or (e)" (Banking ordinance).

Sources

https://www.elegislation.gov.hk/hk/cap155?xpid=ID_1438402731042_001
 
https://www.ashurst.com/en/news-and-insights/legal-updates/is-it-secret-is-it-safe/
 
GF 2013: 80, GF 2019: 98.