FI NB has been hosting the course since 1989, which is renowned for its organisation and substance. The theme of the course this year was "Trade Based Money Laundering" and it attracted the participation of 50 law enforcement agents, financial intelligence officers and financial regulators from 12 jurisdictions, namely Australia, Hong Kong, Japan, Korea, Macao, Malaysia, the Philippines, Singapore, Thailand, Vietnam, the UK and the USA.

Trade based money laundering

In his opening address, Director of Crime and Security Lee Ka-chiu said: "Transfer of funds in cross jurisdiction money laundering schemes is not confined to use of financial institutions and cash couriers. 'Trading' has long been found to be frequently exploited for cross jurisdiction money laundering. To develop effective international and national measures to identify and dismantle trade based money-laundering schemes, it is important for all relevant stakeholders of different jurisdictions to work closely."

During the week, the participants were addressed on a number of trade based and general anti-money laundering issues, including development of an effective legal and financial regulatory framework, financial intelligence, law enforcement and international co-operation. Speakers came from various professions, including experienced local and overseas law enforcement officers, government policy coordinators, legal experts, accountants, financial regulators and compliance officers of international banks.

Assistant Commissioner (Crime) Wong Fook-chuen presented certificates to the participants at the end of the course. Congratulating the participants, he reminded them: "Money laundering is by nature transnational and countering its threat calls for international co-operation and strategic alliance amongst stakeholder agencies. We need to be vigilant of any emerging trends and methods, and to develop skills and measures ahead to identify and dismantle money-laundering schemes well before they mature and become sophisticated."

Chief Inspector Eppie Mui, the Course Director, told OffBeat: "As the international community is increasingly concerned about the vulnerability of international trading to money laundering, the Financial Action Task Force has just issued a best practices paper on countering trade based money laundering. It is an opportune time to make it the theme of the course. Hong Kong is in fact the first jurisdiction to organise comprehensive training on Trade Based Money Laundering in the Region and that is why the course has attracted such a large audience."

Favourable comments

One of the participants, Chief Customs Officer Eo Boon Kian from the Singapore Customs commented: "The course has made me more aware of trade based money laundering and I will definitely share what I've learned from the course with my colleagues."

Ms Celeste Johnston, Liaison Officer of the Australian Federal Police based in Guangzhou, said the course was very informative and organisation of the course was professional. "It is 'eye-opening' on the things that can be done from the money laundering perspective. The case studies demonstrated in the course are especially of value to me as an overseas officer," she added.

Ms Celeste Johnston, Liaison Officer of the Australian Federal Police, finds the FIC very useful as an overseas officer