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FATF meeting
Chief Superintendent of Financial Intelligence and Investigation Bureau (FIIB) Cheng Lai-ki led officers to attend the plenary meetings and working group meetings of the Financial Action Task Force (FATF) in Paris, France between February 19 and 23. FATF is an inter-governmental organisation that sets international standards for combating money laundering (ML) and terrorist financing (TF). Hong Kong, China has been one of FATF members since 1991. Delegates representing over 200 jurisdictions and international organisations from all over the world joined the meetings to discuss key issues in strengthening global actions against ML and TF.
Following completion of the FATF’s project in “Illicit Financial Flows from Cyber-enabled Fraud” in October 2023, FIIB has taken up the co-lead role in a new FATF project, namely “Money Laundering National Risk Assessment (NRA) Guidance Project Update”, with Mexico since then. The project aims to update and enhance the existing NRA guidance, which was first published in 2013 to provide guidelines and practical information for the jurisdictions to undertake ML risk assessments based on the best practices worldwide in assessing ML risks. FIIB, together with Mexico, leads a team comprising 32 jurisdictions and super-national bodies to design a questionnaire. Views and comments from 59 delegations have been received. FIIB reported the progress and conclusion of the project in the plenary meeting on behalf of the project team.
The delegations supported the plan set out by the project co-lead, under which the project is expected to finish by October 2024. FIIB is working closely with Mexico, other project team members and the FATF Secretariat to complete the draft of the updated Guidance.
Lecture on ML
Chief Inspector of FIIB Tang Hoi-tung, Visiting Fellow at the School of Law of the City University of Hong Kong (CityU) cum Hong Kong deputy to the National People’s Congress Mr Chan Hiu-fung and Privacy Commissioner for Personal Data Ms Chung Lai-ling were invited as guest lecturers for law students of CityU on February 16.
The session gave a comprehensive overview of ML and TF worldwide. It then delved into key legislation of Hong Kong against ML and TF. It also highlighted the critical role of relevant stakeholders, including law enforcement agencies and the legal profession, in the fight against these crimes. The students raised questions proactively to deepen their understanding of the intricacies of financial crimes and the role of law enforcement agencies in combating them.
