In light of the recent revelations that up to HK$50 billion was laundered through the territory's banking system by a syndicate in order to evade Chinese taxes, the SAR's banking sector has been cautioned to check that terrorist funds have not also been laundered or hidden there by associates of Osama Bin Laden.
The Deputy Chief Executive of the Hong Kong Monetary Authority, David Carse, (HKMA) stressed that there was no indication or evidence that this was the case, but that the region should follow the lead of other jurisdictions now conducting investigations into banking secrecy and reporting of suspicious transactions.
Many are puzzled as to how the recent money laundering syndicate managed to avoid raising suspicion, given that there are already 'Know You Customer' provisions in place in the jurisdiction, and the larger banks also have computor-operated monitoring applications running on top of their processing systems, which automatically flag transactions outside of certain parameters for closer scrutiny.
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