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The Force and the Financial Reporting Council (FRC) entered into a Memorandum of Understanding (MoU) at the Police Headquarters on September 16. The MoU was signed by Assistant Commissioner (Crime) Chung Wing-man and Chief Executive Officer of FRC Mr Marek Grabowski, witnessed by Deputy Commissioner (Operations) Yuen Yuk-kin and Chairman of FRC Dr Kelvin Wong.
Yuen said at the ceremony, “Upholding the highest standard in financial reporting and audit quality of listed companies is crucial to safeguarding the integrity and fairness of the capital market and business operations in Hong Kong. Close collaboration between the Force and FRC would help construct a robust financial regulatory regime and enhance the foundation in combating crime and illicit activities relating to listed companies or other business entities, as well as the accounting professions.”
FRC has been overseeing the financial reporting and audit quality of listed companies in Hong Kong. Following the passage of the Financial Reporting Council (Amendment) Bill 2021, FRC has been renamed Accounting and Financial Reporting Council (AFRC) since October 1 to reflect its status as a full-fledged independent regulator on all accounting professions in Hong Kong. The Commercial Crime Bureau (CCB), as the designated contact point to liaise with FRC, will continue to maintain close collaboration with AFRC and join hands in combating commercial crimes and illicit acts in relation to financial reporting and audit matters.
Moreover, CCB has established since 2003 a focus group on corporate governance to monitor the regulations and crime trends pertaining to corporate governance, and maintain good cooperative relationship with the regulators. The Force has also entered into a MoU with the Securities and Futures Commission, the regulator of the securities and futures industry, since 2017 to provide a collaborative framework for referrals, joint investigations, capacity building and information exchange. CCB will keep maintaining collaboration with relevant stakeholders and regulatory bodies to join hands in combatting commercial crimes.
