Laundering illegal funds for fueling criminal activities is a prevailing global concern. Riding on the efficient monetary transaction function of the Hong Kong financial system, laundering illicit money is a dominating issue confronting the financial industry operators. Moreover, criminals are inventing complicated yet sophisticated means of hiding dirty money. Through the enactment of anti-money legislations, financial institutions and their employees have been positioned on the frontline of the battle against money laundering.
This programme reviews the stages and ways in which money is laundered in Hong Kong. It describes the practice and legislation that financial institution and concerned bodies need to follow to counter money laundering.