HONG KONG: POLICE ESTABLISH A FINANCIAL INTELLIGENCE AND INVESTIGATION BUREAU TO COUNTER THE CITY’S SURGING MONEY LAUNDERING ACTIVITIES

In its 21 June edition, The Standard reported that the body was formerly known as the financial investigations division, founded in 1989 under the police’s narcotics bureau; but it has been detached and made into a new bureau from 1 June  as new technologies and cryptocurrencies make the investigation of money laundering more difficult.  It has 3 divisions, and 59 new positions will be added, including 58 disciplinary and 1 clerical, taking the total to 224 –

• The financial investigation division is responsible for investigating, confiscating and restraining proceeds of money laundering;
• The joint FIU is in charge of collecting and analysing reports on suspicious transactions alongside customs, as well as deploying intelligence-led operations against money laundering; and
• The headquarters will have an overview of money laundering, conducting risk assessments on the activities and overseeing legislation.

https://www.thestandard.com.hk/section-news/section/4/231355/money-laundering-unit-wired-up-for-tech-fight

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017