Speaking at an anti-money laundering conference on Wednesday, Hong Kong's Financial Secretary, Henry Tang revealed that the territory's government is seeking to raise its game in combating money laundering and terrorist financing.
According to an AFX news report, he told those attending the conference that:
"We have already started to put in place the latest recommendations of the Financial Action Task Force (FATF), which will become the new international standard on anti-money laundering."
The Financial Secretary also stressed the need for cross-border cooperation, explaining that:
"While New York, London and Hong Kong must do our best individually to protect their markets against money launderers or terrorists, none of us can really succeed on our own. To be effective, all jurisdictions around the world must work together to create a security network so strong and so tight that criminals cannot breach our defence."
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