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Hong Kong Seminar Reaffirms SAR's Anti-Money Laundering Commitment

Mary Swire, Tax-news.com, Hong Kong

28 February 2001

At a seminar organised by the Hong Kong Narcotics Division of the Security Bureau, which took place yesterday, the jurisdiction seized the opportunity to promote its tough anti-money laundering regime. Speaking at the seminar were Mrs Clarie Lo, Hong Kong's overall co-ordinator of anti-money laundering policies, and Mr Gil Galvao, Director General of the Portuguese Ministry of Justice and former President of the Financial Action Task Force (FATF).

Mrs Lo, who is due to take up the role of FATF President from July 2001, said Hong Kong was fully committed to the fight against money laundering: 'Hong Kong believes in continuously improving its legislative framework to make it more difficult for drug traffickers and other serious crime offenders to launder or retain their illicit profits,' she said.

She continued: 'In 2000, the Organized and Serious Crimes (Amendment) Ordinance was passed by the Legislative Council. It came into operation on 1 June 2000, requiring money changers and remittance agents to follow anti-money laundering measures such as customer identification and keeping of transaction records for transactions over HK$20,000. This Ordinance effectively helps prevent criminals from using these non-bank financial businesses as conduits for money laundering. We also introduced into the Legislative Council the Drug Trafficking and Organized Crimes (Amendment) Bill 2000, with a view to enhancing confiscation provisions and increasing penalties for money laundering offences.'

Mrs Lo said Hong Kong's efforts in anti-money laundering were recognised by the international community. She stated: 'The fact that Hong Kong has been selected to take over the FATF Presidency in July 2001 speaks highly of our achievements. Being one of the world's major financial centres with an effective anti-money laundering regime, Hong Kong is well placed to lead FATF in countering money laundering globally and assist other jurisdictions against such risks regionally.'

The seminar was attended by over 160 experts in the legal, financial, regulatory and law enforcement fields as well as representatives of Hong Kong's financial services sector. They included the Hong Kong Monetary Authority, the Securities and Futures Commission, the Hong Kong Association of Banks, the Deposit Taking Companies Association and major banks in Hong Kong.

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