HONG KONG BALANCES CLAMPING DOWN ON LOCAL MONEY LAUNDERING AND KEEPING THE BUSINESS FROM MAINLAND CHINA FLOWING
February 1st, 2008
BY MARK GODFREY, in Hong Kong and Beijing
HONG Kong's proximity and constitutional links to mainland China has ensured boon times for the local financial services industry, while also creating problems for local money laundering watchdogs.
The special administrative region's central banking regulator the Hong Kong Monetary Authority in February announced that it would ensure a "major supervisory focus" on money laundering and terrorist financing during 2008.
This comes as an upcoming mutual evaluation of Hong Kong by the Financial Action Task Force ...
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