Hong Kong – The Hong Kong Police Force (HKPF) in collaboration with the Hong Kong Monetary Authority (HKMA), the Hong Kong Association of Banks (HKAB) and several banks launched a 12-month pilot project named the Fraud and Money Laundering Intelligence Taskforce (FMLIT) to further enhance the detection, prevention and disruption of serious financial crime and money laundering. This initiative is part of Hong Kong Government’s anti-money laundering and terrorist financing regime to protect the integrity of its financial system and ensuring that Hong Kong remains safe and financially stable for businesses.
FMLIT aims to target current and future financial crime threats efficiently and will be working on a public-private-partnership approach. The FMLIT will bring together the collective expertise and resources of the Hong Kong Government and the industry to enhance the fight against money laundering and terrorism financing.
The taskforce is headed by a Strategic Group, which comprises of senior representatives from law enforcements, the regulator and the banking industry which will be supported by a Operations Group, where government and industry intelligence professionals will work side-by-side in tackling financial crime threats.
The current members of FMLIT include the following ten retail banks:
- Bank of China (Hong Kong) Limited
- Standard Chartered Bank (Hong Kong) Limited
- The Hongkong and Shanghai Banking Corporation Limited
- Hang Seng Bank Limited
- Dah Sing Bank Limited
- Citibank (Hong Kong) Limited
- DBS Bank (Hong Kong) Limited
- The Bank of East Asia, Limited
- Industrial and Commerical Bank of China (Asia) Limited
- China Construction Bank (Asia) Corporation Limited
On April 24, Singapore launched a similar partnership named the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) which brings together selected participants in the finance industry, regulators, law enforcement agencies and other government entities to collaboratively identify, assess and mitigate the key ML/TF risks facing Singapore.