During his speech entitled 'Recovering the Proceeds of Crime - Time For Action not Words,' at the Regional Conference of Attorneys-General of Countries in Asia and Europe, Mr Cross confirmed that it had been made clear to banks in Hong Kong that it was incumbent upon responsible financial institutions to review their customers' accounts to see whether any of them might be connected to terrorism, and suspicions must be reported.

'The time has surely passed when financial institutions can rely upon confidentiality as an excuse for not helping law enforcers,' he said. 'Bank secrecy laws have been deployed down the years by those who wish to conceal their ill-gotten gains. The information kept by financial institutions in relation to the holding and transfers of money is critical to money laundering investigations.'

Mr Cross highlighted the direct threat that money laundering posed to national and international financial systems and called for the issue of bank secrecy to be examined in light of the need to balance the interests of the individual, the financial services provider and the state.

He pointed out that some jurisdictions in recent times had cut back on bank secrecy by prohibiting certain operations that were designed to stop the flow of money being traced, such as anonymous bank accounts or procedures to eliminate the paper trail.

Prosecutors had to prosecute organised criminals, seize their assets and disrupt their operations, declared Mr Cross. The confiscation of the proceeds of crime was an integral part of the functions of today's prosecutors and investigators, and they had to be determined and resolute and prepared to play a long game. He added that it was 'easier for a criminal organisation to replace apprehended offenders than it is to replace millions of dollars of seized assets.'

Mr Cross concluded: 'Let us not be afraid to do what is necessary to combat money laundering. If we act resolutely at this stage, future generations will thank us. If we shy away from action, the future may indeed be bleak. To leave illegal assets in the hands of criminals is profoundly damaging to society. Let us act now before it is too late.'