Interdicting tainted wealth ‐ the perspective from Hong Kong

Abstract

Reviews the part played by Hong Kong in the coordination of global efforts against money laundering and terrorist financing; Hong Kong was President of the Financial Action Task Force 2001‐2002. Describes its effective regime to counter money laundering, confiscate tainted wealth through legislation, law enforcement, cooperation with the financial sector, publicity, education and international cooperation. Outlines the 1989 Drug Trafficking (Recovery of Proceeds) Ordinance, Chapter 45, and the 1994 Organised and Serious Crimes Ordinance, Chapter 455, showing how they deal with money laundering as follows: reporting offences, protection of persons making disclosures, investigative powers, restraint and confiscation orders, enforcement of foreign confiscation orders, and financial regulators. Moves on to refinement of this legislation in the Drug Trafficking and Organized Crime (Amendment) Ordinance 2002, which amended shortcomings in the previous legislation regarding: the triggering event for making a restraint order, information on the value of restrained assets, new notification requirements in confiscation proceedings, a new offence, and legal professional privilege. Concludes with further legislation and other measures following the September 11 2001 attacks.

Citation

Saw, D.G. (2004), "Interdicting tainted wealth ‐ the perspective from Hong Kong", Journal of Money Laundering Control, Vol. 7 No. 3, pp. 275-280. https://doi.org/10.1108/13685200410809986