The Hong Kong government announce exemptions for bankers and lawyers to access the city’s companies registry following criticism against plans to tighten data access.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu announced the proposed exemption during a radio program with government-backed «RTHK» over the weekend.
Financial and legal professionals could apply to the company registry to gain access to documents for work-related purposes.
«But the premise is that they have to be really doing relevant checks and work, because we need to strike a balance and protect privacy,» Hui said. «For example, lawyers, accountants and banks have to be doing the searches for know-your-customer checks or work related to compliance and anti-money laundering.»
Data Privacy
The exemptions were announced following criticism from numerous groups and analysts that tightened access to the companies registry would undermine public scrutiny, press freedom and accountability of potential wrongdoers.
According to the Hong Kong government, the changes were proposed due to fears about data privacy due to doxing of police officers and their families when the city was undergoing social unrest in 2019.
Not the First Time
Even prior to 2019, the government made a similar proposal back in 2012 but backed down following criticism from bankers, lawyers, journalists, accountants and lawmakers.
Renowned corporate governance activist and ex-investment banker David Webb noted that masking Hong Kong identity card numbers would hide a person’s past and present directorships as well as make prevent cross-checking with other public registries, such as the Land Registry.
«Masks may protect people from infections, but sunshine is the best disinfectant in the Companies Registry,» Webb said in an «SCMP» report earlier this year.
