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Fraud and Money Laundering Intelligence Taskforce launched

Police in collaboration with the Hong Kong Monetary Authority, the Hong Kong Association of Banks and a number of banks launched today (May 26) a 12-month pilot project, namely Fraud and Money Laundering Intelligence Taskforce (FMLIT) in a bid to enhance the detection, prevention and disruption of serious financial crime and money laundering threats. 

Financial Crime undermines the integrity of our economy and the financial institutions central to it.  Fraud causes significant harm to companies and individuals while money laundering enables those who would abuse our financial services to hide their proceeds of crime.  The Hong Kong Government has developed an anti-money laundering and terrorist financing regime over many years which reflects its determination to protect the integrity of our financial system and citizens from this harm and ensure that Hong Kong remains a safe and stable business environment.

With the aim of more effectively targeting and tackling current and future financial crime threats, new methods of working with the private sector are being developed in a number of countries based around a public-private-partnership approach. 

FMLIT is a collaboration between Law Enforcement, the Hong Kong Monetary Authority and a number of banks together with the Hong Kong Association of Banks under the leadership of the Police Force.  Currently, there are ten retail banks involved within FMLIT including Bank of China (Hong Kong) Limited, Standard Chartered Bank (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Hang Seng Bank Limited, Dah Sing Bank Limited, Citibank (Hong Kong) Limited, DBS Bank (Hong Kong) Limited, The Bank of East Asia, Limited, Industrial and Commercial Bank of China (Asia) Limited, and China Construction Bank (Asia) Corporation Limited.

FMLIT brings together, under one roof, the collective expertise and resources of government and industry to enhance the detection, prevention and disruption of serious financial crime and money laundering threats.

A Strategic Group comprising senior representatives from law enforcement, the regulator and the banking industry will oversee FMLIT’s strategic direction and guide its work.  At the core of FMLIT will be the Operations Group, where government and industry intelligence professionals will work side-by-side in tackling serious financial crime and money laundering threats impacting Hong Kong.

FMLIT reflects the determination of the government and the banking sector to work together in the global fight against serious financial crime and money laundering and safeguard Hong Kong’s reputation as one of the world’s leading financial centres and a safe place to conduct business.

 

26 May 2017

Last revision date: 26 May 2017
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