NB hosts anti-money laundering seminars
Over 700 Compliance Officers from the banking, securities, insurance, remittance and money changing businesses attended a series of anti-money laundering seminars at PHQ from September 12 to 16. The seminars were hosted by Narcotics Bureau (NB) in partnership with the Narcotics Division and Customs and Excise Department.
The main aim of the seminars was to introduce the new automated electronic reporting system for suspicious transaction reports currently being developed by NB in conjunction with ITB, and to bring Compliance Officers updated on the latest developments in Hong Kong's regime against money laundering and terrorist financing.
The automated electronic reporting system that will operate under the acronym STREAMS, which stands for "Suspicious Transaction Reporting and Management System", is scheduled for implementation in September 2006. By then banks and other reporting institutions will be able to submit reports of suspicious financial activity to the Joint Financial Intelligence Unit (JFIU) electronically by means of an encrypted web-based messaging system.
The STREAMS will be a significant improvement on the current manual screening and analysis systems employed by the JFIU. Not only will it allow for more prompt dissemination of intelligence, but it will also facilitate an internal redistribution of resources, to concentrate on other important areas of JFIU's increasing sphere of responsibility.
In his opening address to the first seminar, NB Acting Chief Superintendent John Ribeiro highlighted the significance of the role played by the private sector in the fight against money laundering and terrorist financing, and described this vital role as a "partnership" with law enforcement agencies to ensure the safety and prosperity of Hong Kong.
Mr Ribeiro's views were echoed by Assistant Secretary of Security (Narcotics) Kitty Yu, who emphasised that Hong Kong's status as a global financial centre depended not only upon the efforts of law enforcement but also the alliance with the private sector, whose vigilance and implementation of effective anti-money laundering measures would protect Hong Kong's reputation and contribute to the global effort in curbing money laundering and terrorist financing.
Panellists, (from left) Matthew Wong from C&E, Raymond Wong from SFC, Edwin Lam from FI NB, David Hsu of Citigroup, and Nelson Yeung from FI NB, exchange views with the audience during a question and answer session