Home' A Plus Magazine : Oct 2012 Contents October 2012 35
Mazars and an Institute member.
Chan says several authorities -- the Se-
curities and Futures Commission, the Hong
Kong Monetary Authority and the Office of
the Commissioner of Insurance -- are eager to
help companies conform to statutory require-
ments and have all issued guidelines.
Wardell at Baker Tilly advises clients to
establish strict know-your-customer policies.
"We are able to employ the experience gained
in carrying out such work to assess the effec-
tiveness of businesses' anti-money launder-
ing controls," he says, adding that his com-
pany has been involved in the investigation
of financial institutions where anti-money
laundering controls were lax.
He says particular scrutiny is applied to
parties involved in selling high value items,
including financial institutions, jewellers,
real estate agents and lawyers handling con-
For their part, criminal organizations will
continue to find weaknesses in the system.
One emerging trend is the use of Hong Kong
bank accounts for collecting and disbursing
the proceeds of lottery, advance-fee and other
financial fraud, notes Chan.
Cross border transactions remain a vul-
nerability to territories seeking to control
money laundering and Hong Kong is no ex-
ception. "Without stricter border controls,
there is the channel that allows the mainland
currency [to flow] into the Hong Kong bank-
ing system," Wardell says, citing it as a signifi-
cant inflow of laundered money into the city.
In the Amaso case, it remains unclear who
ultimately received the funds sent through the
illegal accounts, but international anti-terror-
ism agencies were concerned that the transac-
tions involved Algeria and Mauritania, two
countries in which Islamic militants operate.
Frank Stock, vice president of the Court
of Appeal, who presided over Boma Amaso's
unsuccessful bid to reduce his sentence, re-
marked that the defendant could consider
himself fortunate not to have received a
stiffer penalty in his original trial. HSBC and
Standard Chartered might well be thinking
along similar lines.
there is the channel
that allows the
[to flow] into the
Hong Kong banking
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