HK to Be President of Anti-Money Laundering Body FATFHong Kong was selected as the President of Financial Action Task Force on Money Laundering (FATF) for 2001-2002 at the 12th plenary meeting of FATF held in Madrid, Spain from October 2 to 6.Clarie Lo, commissioner for narcotics of the Hong Kong Special Administrative Region (HKSAR), who is the overall coordinator of anti-drug and anti-money laundering policies, will take up the duty of the FATF President from July 2001 to June 2002, said a spokesman for the HKSAR government. Welcoming the selection result, Secretary for Security of HKSAR Regina Ip said "the Asian economic recovery inevitably heightened risks of increased money laundering through legal or illegal activities." "Being one of the world's major financial centers with effective anti-money laundering regime, Hong Kong is well placed to lead FATF in countering money laundering globally and assist other jurisdictions against such risks regionally," Ip said. FATF is an international organization established after a G-7 Summit in 1989 to examine and recommend anti-money laundering standards and promote anti-money laundering messages worldwide. It comprises 29 member jurisdictions, which include the major financial centers of the world, and two regional organizations, namely the European Commission and the Gulf Cooperation Council. Hong Kong has been a member of FATF since 1990. As the FATF President, Hong Kong will play host to one of the three plenary meetings in 2001-2002. Over 250 participants comprising policy makers, and senior officials from the financial, law enforcement and legal sectors of FATF member jurisdictions will attend. |
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