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'Decoding Commercial Crime' looks at money laundering |
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Have you seen the latest Announcements in the Public Interest on TV about tainted bill notes being cleaned? In March, the Government launched an appeal regarding a new law targeting money laundering or terrorist financing. However, is "laundering" money so easy? Or could money be "laundered"? "Dealing with property known or believed to represent proceeds of indictable offence," as stated in the law, is commonly known as money laundering. One of the classic examples is receiving suspicious money in your own account, either under your control or given to others, and further deal with it by transfer or cash withdrawal. Therefore, don't forget to manage your account properly and refrain from helping the "money launders". Starting April 1, Customs & Excise Department processes registration of Remittance Agents and Money Changers under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance. However, licensed Money Service Operators are still required by law to report to the Joint Financial Intelligence Unit (JFIU) any suspicious transactions they have encountered during their business. For details of the new arrangement, please refer to Customs & Excise Department's website at www.customs.gov.hk or JFIU's website at www.jfiu.gov.hk. For more information and preventive tips regarding money laundering, please surf on RTHK's website at www.rthk.org.hk to see the related episode of "Decoding Commercial Crime" on "Police Magazine". The next topic of the "Decoding Commercial Crime" series is "Timeshare Schemes". |
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