Less than three per cent of 500 money-laundering cases investigated over a seven-month period last year resulted in prosecutions, according to government figures.
But legislative changes to make professionals who knowingly launder money from illicit drugs or other serious crimes may be delayed after legislators yesterday raised fears the amendments could ensnare innocent people.
The proposal is now scheduled to be scrutinised with a proposed anti-terrorism bill to be tabled to the legislature soon.
The anti-terrorism bill, in line with a United Nations resolution following the September 11 terrorist attacks in the United States, will make it harder for terrorist organisations to launder money in the SAR.
Commissioner for Narcotics Clarie Lo Ku Ka-lee yesterday highlighted to Legco's Bills Committee the need to close legal loopholes relating to money-laundering.
According to government figures, police investigated more than 500 money-laundering cases involving up to $3.3 billion between May and November. But only 13 cases resulted in prosecutions.
