Hong Kong's Anti-Money Laundering Efforts Praised
International anti-money laundering groups have praised Hong Kong's regimes to counter crime and terrorist-financing.
The comments were made in an evaluation report published on 21st July by the
Financial Action Task Force (FATF) on Money Laundering, and the Asia-Pacific
Group on Money Laundering. The report commended Hong Kong for its good legal structure and conviction
rate for money laundering offences, clear and broad obligations for reporting
suspicious transactions and strong law enforcement. It said the city's supervisory regime over the banking, securities and insurance
sectors is effective with comprehensive obligations and a broad range of sanctions,
along with proactive and effective outreach to the private sector and international
co-operation. Hong Kong's formation of the Central Co-ordinating Committee on Anti-Money
Laundering & Counter Financing of Terrorism chaired by the Financial Secretary
was also a welcome development, it said. On the report's suggestions for further improvements, the Security Bureau said
it will formulate legislative proposals, enhance law enforcement in regulating
remittance agents and moneychangers, and consult the industry. As a taskforce member, Hong Kong is obliged to adopt the 40 recommendations
for fighting money laundering and the nine special recommendations for combating
financing of terrorism. .
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