Hong Kong and Macau regulators intensify efforts against money laundering, financial crime and terrorist funding
Authorities warn of major threats to fiscal security
In separate yet starkly similar announcements issued late Friday, financial regulators in both cities stated their “determination” to fight serious financial crime and laundering, underlining the threat they posed to “financial security and stability”.
In a signal that Beijing – whose concerns about capital flight and the movement of corrupt cash are well documented – wants a more co-ordinated approach to tackling the problem, the opening line of the Macau Monetary Authority statement said the upholding of financial security had been “elevated to the national level”.
The meeting was attended by the HKMA’s head of information technology, Tan Yong-wah, and senior officials from the People’s Bank of China. It also heard a statement from the vice-governor of the PBOC, Yi Gang.