MARKETS | Staff Reporter, Hong Kong

Hong Kong regulator assures effective anti-money laundering supervision: report

Reports alleged that some banks have moved illicit funds over the last two decades.

Hong Kong’s banking regulator said the financial hub was committed to meeting international standards on anti-money laundering, reports Reuters.

The statement comes after the media reported that some leading banks had moved large sums of allegedly illicit funds over nearly two decades despite red flags about the money’s origin. The articles were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCen).

A Hong Kong Monetary Authority (HKMA) spokeswoman said it was “aware of relevant news reports but (does) not discuss individual cases.”

“The HKMA requires banks to implement effective anti money laundering (AML) and counter financing of terrorist (CFT) systems including detecting and reporting suspicious transactions to law enforcement agencies for investigation.”

Here’s more from Reuters.


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