New division formed to combat money laundering
The Financial Investigation (FI) Units of the Narcotics Bureau (NB) and the Organised Crime and Triad Bureau (OCTB) have been amalgamated for greater efficiency and more effective use of resources in combating money laundering related to crimes and terrorist financing.
With effect from January 1, the amalgamated unit, known as Financial Investigations Division, has been established in the NB, headed by a Superintendent.
The new division comprises one section responsible for investigations of laundering of proceeds from drug trafficking and terrorist financing, another section for investigations of laundering of proceeds from organised and serious crimes; a Joint Financial Intelligence Unit (JFIU) for processing of suspicious transaction reports, intelligence analysis and training; as well as an Investigation Support Section for providing financial and accounting analysis to investigation and intelligence analysis teams.
Head of NB, Chief Superintendent Ip Lau-chuen, recalled that FI NB was set up in 1989 to combat laundering of proceeds from drug trafficking, while FI OCTB came into being in 1994 to tackle laundering of proceeds from organised and serious crimes. The FI OCTB took on investigations of terrorist financing following enactment of the United Nations (Anti-Terrorism Measures) Ordinance in 2002.
"After reviewing its financial investigation capability, the Force decided to amalgamate the two FIs to meet present and future commitments and challenges through simplified work procedures and better utilisation of resources.
"The new Financial Investigations Division in the NB will continue carrying out the work of the former FIs in the NB and OCTB. The division is the Force's policy unit for all matters relating to money laundering, and the main link with other law enforcement agencies, both local and overseas, on investigations and intelligence exchange concerning money laundering and terrorist financing. The amalgamation will strengthen our ability to combat money-laundering related to serious crimes and terrorist financing.
"The amalgamation underlines our commitment to the international fight against money laundering and maintaining our role as a leading financial investigation unit in Asia," said Mr Ip.
Noting that the ever-changing money laundering scene calls for constant review of the Force's effectiveness and priorities, Mr Ip pointed out that with the assistance of the Information and Technology Bureau, NB is now working on a computer system to automate the receipt and processing reports of suspicious transactions from members of the public. Apart from achieving more savings, the system will enhance the efficiency of the JFIU.
Meanwhile, four officers from the two former FIs, WCIP Betty Pang Mo-yin, SIP Russel Harding, SGT Ng Chi-yung and WPC Wong Wa-mei, who have been transferred to the new division, have seen the amalgamation as a move in the right direction, providing a central unit to handle all local and overseas matters on money laundering.
Both WCIP Pang and SIP Harding shared the view that criminals involved in drug trafficking and other organised crimes are not "classified", so putting the FIs together would enable the Force to cross boundaries in the same way criminals do. They took the view that the whole world, including Hong Kong, has come to recognise the importance of tackling the financial aspects of crime, especially after the September 11 terrorist attack in the US.
The four officers listed the four major advantages of the amalgamation as enhancement of intelligence gathering, investigations and operations; better and more flexible use of resources and manpower; better career developments for officers engaged in combating money laundering; and providing a central point of contact on money laundering matters for banks, remittance agents and money changers, as well as for overseas law enforcement agencies.
Meanwhile, the two Operations Divisions of the NB have also been amalgamated into one division with effect from January 1. Following the restructuring, the effectiveness and efficiency of the new Operations Division will be enhanced with more effective setting of priorities, improved gathering of intelligence and better contacts with overseas law enforcement agencies. The restructuring is also expected to lead to more flexible and better use of resources to take on current workload and future operational needs.
In conclusion, Mr Ip pointed out that with the restructuring, NB would continue making every effort to fight against trafficking in heroin and psychotropic substances, as well as cross-boundary and international drug trafficking through co-operation with other law enforcement agencies.
Mr Ip outlining the objectives of the amalgamation