Tag Archives: China

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) issues today (January 23) a public consultation paper seeking views on its proposal to allow Authorized Institutions (AIs) to share information on customer accounts for the purposes of preventing and detecting financial crime.
      
     Recent years have seen a sharp global increase in financial crime, especially digital fraud, including in Hong Kong. In addition to the harm caused to victims, large-scale digital fraud could undermine public confidence in the use of new digital financial services. Information sharing is internationally recognised as an effective tool in addressing financial crime. While Hong Kong has achieved positive outcomes through public-private information sharing partnerships, criminals’ exploitation of the financial system to move illicit funds continues to pose a threat. There is a need for faster sharing of information to further support the advanced use of technology and analytics to detect and disrupt fraud and mule account networks and intercept illicit funds more effectively. 
      
     Against this backdrop, the HKMA invites views from the banking sector and members of the public on its proposal to facilitate AI-to-AI information sharing, including legislative amendments to provide legal protection to AIs and safeguards to protect data privacy and customer confidentiality. The proposed arrangement is in line with similar developments in other international financial centres.
      
     The Chief Executive of the HKMA, Mr Eddie Yue, said, “Fraud and financial crime risks have surged globally. Criminals increasingly exploit information gaps between banks and abuse the financial systems to move and hide illicit funds. Effective information sharing will help the banking sector, supervisors and law enforcement agencies turn the tables on fraud and financial crime and help protect consumers of financial services.”
      
     The public consultation commences today and will last until March 29, 2024. The consultation paper is available on the HKMA website (www.hkma.gov.hk/eng/regulatory-resources/consultations/open/). Interested parties are invited to submit their comments to the HKMA by email (recommended means) or post on or before the deadline. read more

     The Chief Secretary for Administration, Mr Chan Kwok-ki, attended the meeting of the Universal Periodic Review Working Group of the United Nations Human Rights Council (UNHRC) in Geneva, Switzerland, today (January 23, Geneva time). The Working Group examined China’s fourth report, which includes a part concerning the Hong Kong Special Administrative Region (HKSAR), submitted under the Universal Periodic Review mechanism of the UNHRC.
      
     Mr Chan, as Deputy Head of China’s delegation, attended the meeting together with officials of the HKSAR Government as members of China’s delegation. Following are the opening remarks made by Mr Chan on the human rights situation of the HKSAR at the meeting:
 
Mr President,
 
     Since the establishment of the HKSAR in 1997, the principle of “one country, two systems” has been the cornerstone of our long-term prosperity and stability. This successful national policy ensures that our unique strengths are maintained, while serving the fundamental interests of our country.
      
     With the implementation of the Hong Kong National Security Law and an improved electoral system, the days of social disturbance and fear are now over. Stability as well as law and order has been restored, and our city is back on track. Our people can continue to enjoy the legitimate rights and freedoms guaranteed by our country’s Constitution, the Basic Law, as well as the relevant provisions of international covenants that apply to Hong Kong.
      
     The rule of law is a cornerstone and core value of Hong Kong’s success. Our common law system and independent exercise of judicial power are protected by the Basic Law. Our judiciary is well regarded internationally. Being a market-oriented, open and international economy underpinned by the rule of law, Hong Kong has exactly what it takes to be a successful global city.
      
     At the same time, we are dedicated to making our city a better place for everyone. Through targeted policies in various areas such as housing, child and youth development, healthcare, and economic development, we strive to foster a cohesive and caring community underpinned by a vibrant economy.
      
     Mr President, with the unwavering support from our country and the unique “one country, two systems” formula, Hong Kong will continue to prosper as the city where the global advantage and the China advantage converge. Thank you. 

  

     The Immigration Department announced today (January 23) that nationals of the Kingdom of Eswatini will require a visa to enter Hong Kong for all purposes (including those who remain on the airside in transit) with effect from Januar… read more

     The effective exchange rate index for the Hong Kong dollar on Tuesday, January 23, 2024 is 104.5 (down 0.4 against yesterday’s index). read more

     â€‹Hongkong Post announced today (January 23) that, as advised by the postal administration of Belgium, due to heavy snowfall, mail delivery services to Belgium are subject to delay. read more