Police in Hong Kong, the authorities and major banks have launched a Fraud and Money Laundering Intelligence Taskforce.
The Fraud and Money Laundering Intelligence Taskforce (FMLIT) will see the establishment of a 12 month pilot project in a bid to enhance the detection, prevention and disruption of serious financial crime and money laundering threats.
The Hong Kong Monetary Authority (HKMA) says the government has developed an anti-money laundering and terrorist financing regime over many years to protect the integrity of the financial system and citizens and ensure that Hong Kong remains a safe and stable business environment.
Currently, there are ten retail banks involved within FMLIT including Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), The Hongkong and Shanghai Banking Corporation, Hang Seng Bank, Dah Sing Bank, Citibank (Hong Kong), DBS Bank (Hong Kong), The Bank of East Asia, Industrial and Commercial Bank of China (Asia), and China Construction Bank (Asia) Corporation.
Coutts Reprimanded
Last month finews.asia reported on the HKMA action against Coutts, Hong Kong Branch for contravening five specified provisions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance and ordered the bank to pay a pecuniary penalty of 7 million Hong Kong Dollars.
The disciplinary action followed an investigation by the HKMA which found that, between April 2012 and June 2015, Coutts Hong Kong contravened five specified provisions.
