Money Laundering Reports Up In Hong Kong
Hong Kong's Deputy Commissioner of Police, Lau Yuk-kuen revealed this week
that the number of cases of suspected money laundering reported to the authorities
during the first eight months of 2002 has surpassed the figure for the whole
of 2001. Speaking to the South China Morning Post, Commisioner Lau stated that there
had been 6,700 cases reported in the SAR in 2001, compared with some 6,800 reports
in Hong Kong so far this year. However, he explained that this is a result of
increased vigilance in the wake of the September 11 terrorist attacks, rather
than any increase in money laundering activity in the jurisdiction. 'People have become more cautious and have a higher level of awareness,' he
told the SCMP. The authorities in Hong Kong have so far declined to comment in any detail
on a Washington Post report last week which named Hong Kong as one of several
financial centres utilised by Osama bin Laden and his al-Quaida network. However,
they have said that if necessary, they will follow-up on the UN report on which
the Post's allegations were based, when it is released. .
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