Anti-Money Laundering Working Group Launched In Hong Kong

by Mary Swire, for LawAndTax-News.com, Hong Kong

14 June 2006

A newly formed industry working group on the prevention of money laundering and terrorist financing will help Hong Kong's banking sector meet new challenges in stopping such activities, it emerged on Tuesday.

The group includes representatives from the Monetary Authority and the banking industry, and the Authority's Deputy Chief Executive, William Ryback is chairman. The two finance industry associations involved have nominated 19 authorised institutions as group members.

Mr Ryback explained that although the anti-money laundering and counter-terrorist financing regime in Hong Kong is strong, there is a need to guard against money launderers', criminals' and terrorists' use of the banking system.

The group aims to perform the following functions:

• To encourage the sharing of anti-money laundering and counter-terrorist financing experiences and techniques among authorised institutions;
• To provide industry feedback to the authority on the implementation of supervisory standards;
• To promote industry standards and best practices on specific areas in which the industry may need more guidance; and
• To raise the industry's and general public's anti-money laundering and counter-terrorist financing awareness.

The group will also serve as a forum for discussing international developments and exchanging views on issues affecting the implementation of international standards and other related matters.

Recommended