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New UBO measures deter use of trusts to hide assets

New legislation that targets ultimate beneficial ownership (UBO) in trusts will render obsolete the use of trust structures to hide assets, says Lee Wong, head of family services, Asia, Lombard Odier. The Companies (Amendment) Ordinance 2018 (CAO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) came into effect at the beginning of this month. The legislation requires trust and company…

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