HKMA proposes info sharing to fight crime

The Hong Kong Monetary Authority has started a public consultation on a proposal for information sharing among banks to aid in the prevention or detection of crime.

And the Securities and Futures Commission has set maintaining mitigating serious harm to markets as one of its priorities in its coming three-year plan.

Chief executive Eddie YueWai-man, said the HKMA received 1,200 banking complaints related to fraud last year, in line with the upward trend in reported scams received by law enforcement agencies during the first 10 months of the previous year.

In an ongoing collaboration with the Hong Kong Police Force and the banking industry, the HKMA has introduced various measures to facilitate the exchange of intelligence among all stakeholders. As of October last year, restricted or confiscated criminal proceeds and successfully intercepted funds amounted to almost HK$1.1 billion and HK$12.3 billion respectively, Yue said.

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 recognized as an effective tool in addressing financial crime, HKMA said.

The SFC yesterday released itsStrategic Prioritiesfor 2024-2026, which aims to mitigate serious harm to Hong Kong markets, improve global competitiveness, lead financial market transformation and enhance institutional efficiency.

Chief executive Julia Leung Fung-yee said the commission would be on stronger footing tokeep investors out of harm's way and bring wrongdoers to justice when financial crimes nowadays come in any shape and form, as well as to bring the full range of resources and tools at its disposal to achieve positive regulatory outcomes.