Hong Kong passes FATF audit Liu Yixiang: the effectiveness of the anti-money laundering system


The Secretary for the Financial Services and the Treasury, Liu Yixiang, wrote in a blog today (11) that Hong Kong passed the audit of the Financial Action Task Force (FATF) this year to combat money laundering and became the first member in the Asia Pacific region to pass the relevant audit. area. Liu pointed out that the results of this assessment fully affirm the commitment and efforts of the SAR Government to maintain Hong Kong as a safe and clean international financial center.

The FATF has formulated 40 recommendations and 11 results indicators on combating money laundering. It has also established a system of mutual assessment by member regions. The process of assessing Hong Kong began last year and was passed after a review in June this year. The FATF confirms that Hong Kong's anti-money laundering system is strong and effective, and has achieved particularly significant results in risk assessment, law enforcement, confiscation of criminal gains, counter-terrorism financing and international cooperation.

Liu pointed out that the Central Co-ordinating Committee for Combating Money Laundering, in particular, strengthened its legislative work before mutual evaluation, and passed 5 new laws on combating money laundering and terrorist financing with the support of the Legislative Council. The work of public agencies in areas such as risk assessment, law enforcement, supervision, international cooperation, and capacity building. Financial institutions and the professional sector have also carried out a series of work to enable professional sectors to master the requirements of the Anti-Money Laundering and Terrorist Funding Ordinance.

However, he also pointed out that the money laundering methods of criminal groups are becoming increasingly complex and relevant international standards are constantly evolving, and Hong Kong needs to work hard. The Government will keep pace with the times, work with public and private organizations and stakeholders, and continue to improve Hong Kong's anti-money laundering system in the future in the light of the recommendations made in the mutual assessment report.

Source: ON.CC