Money laundering is another concern for the contemporary commercial world. Following enactment of legislation on money laundering activities, CCB set up another Focus Group to deal with the activities. Starting from July 1, the legislation requires solicitors, accountants, and secretarial companies to report suspicious transactions to the police.

In a bid to prevent L/C fraud and money laundering, Detective Senior Inspectors Chan Wai-kei and Lau Tak-ming from the two focus groups recently delivered presentations on such crimes to a group of professionals, including industrialists, managers, solicitors and accountants, at a seminar at the Federation of Hong Kong Industries.

The audience was given an overview of the L/C cycle and a briefing on the modus operandi of L/C fraud, loophole of practices, and preventive measures. For money laundering activities, the audience was briefed on the general situation in Hong Kong and the related legislation. The audience also discussed the statutory requirement of reporting suspicious transactions with the CCB officers.

Well received by the audience, the seminar made for better communication and understanding between CCB and the sectors represented by the participants.

CCB officers with Federation of Hong Kong Industries representative

• English version only