FATF praises HK’s Anti-Money Laundering efforts

Hong Kong’s regimes aimed at countering crime and terrorist-financing have been praised by two large international anti-money laundering groups – the Financial Action Task Force (FATF) on Money Laundering and the Asia/Pacific Group on Money Laundering (APG).

An evaluation report published on July 21, 2008 comprised the comments made by both the FATF and the APG. The report praised good legal structure of Hong Kong. It also praised this financial jurisdiction for its conviction rate for money laundering offenses, as well as strong law enforcement and clear-cut obligations for reporting suspicious transactions. According to the report, the Hong Kong’s supervisory regime as regards the banking industry, securities sector and insurance sector has proved effective with comprehensive obligations and various sanctions.

The report also noted that the establishment of the Central Co-ordinating Committee on Anti-Money Laundering & Counter Financing of Terrorism chaired by the Financial Secretary was also a good development for the jurisdiction.

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