Hong Kong – The Securities and Futures Commission (SFC) and the Hong Kong Police (HKP) signed a Memorandum of Understanding (MoU) on 25th August 2017 to formalise and strengthen cooperation in combating financial crime.
Hong Kong operates the sixth largest stock market in the world, with trading done by more than 500 stock brokers. Both parties acknowledged the importance of maintaining the integrity of the Hong Kong securities and futures market and aims to enhance the overall effectiveness in dealing with wrongdoings in the industry. The HKP and SFC have a mutual interest in combating financial crime, and the need for each party to provide their fullest support with each other is now more relevant than ever.
Memorandum of Understanding (MoU)
The MoU provides guidance on the cooperation and collaboration between the parties in relation to, referral of cases, joint investigations, exchange and use of information, investigative assistance, and communication and media strategy.
The MoU was signed by the SFC’s Executive Director of Enforcement, Mr Thomas Atkinson and the Assistant Commissioner of Police (Crime), Mr Chung Siu-yeung.
Said Mr Atkinson:
Close collaboration with the HKP allows the SFC to discharge its regulatory functions with greater efficiency and effectiveness. We have always valued the support provided by the HKP and we look forward to even closer collaboration with them.
Mr Chung recognised the importance in enhancing collaboration between the SFC and the HKP.
“This MoU represents a milestone in our cooperation that forges an even closer partnership between the two organisations in combating crimes and illicit activities in the securities and futures markets,” said Mr Chung.
On May 2017, the HKP, 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.