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Chief Superintendent of the Financial Intelligence and Investigation Bureau (FIIB) Lam Man-han led officers to attend online meetings of the Financial Action Task Force (FATF) from June 14 to 25.
Hong Kong is one of the members of FATF, an inter-governmental organisation which sets international standards for combating money laundering and terrorist financing. Delegates representing 205 jurisdictions and international organisations from all over the world joined the meetings to discuss key issues in strengthening global actions against money laundering and terrorist financing.
One of the finalised reports addressed the strategies for overcoming challenges in asset recovery in different jurisdictions. In the report, the stop-payment mechanism of the Anti-Deception Coordination Centre of the Hong Kong Police Force was mentioned as a successful example of immediate and pre-emptive freeze to prevent dissipation of crime proceeds. In response to the increasing use of virtual assets, the delegates focused their discussion on the exploitation of virtual assets in laundering proceeds of crime and financing illicit activities. The FATF also explored challenges and opportunities of technological innovation to make anti-money laundering and counter-terrorist financing efforts more effective.
In addition, the delegates discussed Japan and South Africa’s measures to combat money laundering and terrorist financing, and provided recommended actions for both countries to enhance their anti-money laundering frameworks.
