As public education is an important tool to combat money laundering, NB and the Narcotics Division of the Security Bureau jointly organised the seminars to provide an overview of the latest AML developments, enhance understanding of statutory obligations and practices of Suspicious Transaction Reporting (STR) and to provide a forum to discuss matters of concern.

JFIU Chief Inspector (CIP) Stewart McGlynn told the lawyers and accountants: "The STR is our primary source of financial intelligence and we would like to see more reports coming from non-financial businesses so that we can take out prosecution."

Both JFIU and FID have increased their staff to step up outreach and trade education. Part of this strategy is to help professionals understand their roles as "gatekeepers" in Hong Kong's AML regime. According to the Assistant Secretary of Security Bureau (Narcotics Division), Mr Ma Ping-yiu, who is on loan to the Division from the Force, the seminars drew a "full house" and were well received by the audiences.

Another presenter at the seminars, JFIU CIP Tse Chun-chung pointed out that the panel session was a very good opportunity to clear up ambiguity and misunderstanding. "JFIU works closely with Narcotics Division to deliver a clear message that the STR is a vital part of the AML regime, and that JFIU is always prepared to help", he noted.

JFIU receives on average 1,300 reports of suspicious transactions a month. Though the majority of the reports are from banks, those from other sectors, such as lawyers and accountants, are gradually increasing, both in quantity and quality. In view of this, JFIU plans to run more similar seminars later this year, and NB will continue to play its roles in the AML regime in Hong Kong.

CIP McGlynn says at the seminar he likes to see more reports coming from non-financial businesses