Hong Kong Warned To Check Money Laundering Rules
In light of the recent
revelations that up to HK$50 billion was laundered through the territory's banking
system by a syndicate in order to evade Chinese taxes, the SAR's banking sector
has been cautioned to check that terrorist funds have not also been laundered
or hidden there by associates of Osama Bin Laden. The Deputy Chief Executive
of the Hong Kong Monetary Authority, David Carse, (HKMA) stressed that there
was no indication or evidence that this was the case, but that the region should
follow the lead of other jurisdictions now conducting investigations into banking
secrecy and reporting of suspicious transactions. Many are puzzled as to how
the recent money laundering syndicate managed to avoid raising suspicion, given
that there are already 'Know You Customer' provisions in place in the jurisdiction,
and the larger banks also have computor-operated monitoring applications running
on top of their processing systems, which automatically flag transactions outside
of certain parameters for closer scrutiny. .
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