The Securities and Futures Commission (SFC) of Hong Kong and the Hong Kong Police (HKP) have signed a Memorandum of Understanding (MoU) to improve cooperation between them regarding cases of financial crime.
This was seen as necessary because Hong Kong is one of the largest financial centers in Asia and hence vulnerable to cases of financial fraud. With this MoU, the parties hope to be able to better coordinate to tackle such cases, as laid out in the document.
As per the agreement, the SFC will refer cases that do not fall within its domain to the HKP. This will include cases that are likely to be handled better by the HKP and those that are already being handled by the HKP to avoid duplication of efforts. The same conditions will apply vice versa.
Risk Management for Businesses in Today’s WorldGo to article >>
The agreement also states that those cases that require the attention of both the HKP and the SFC will be jointly investigated by a joint task force.
Information and Intelligence Exchange
The SFC and HKP will also exchange information that may be useful for cases handled by each of them in accordance with applicable laws. They will also seek each other’s assistance for investigations and prosecutions.
The MoU was signed by the SFC’s Executive Director of Enforcement, Mr Thomas Atkinson, and the Assistant Commissioner of Police (Crime), Mr Chung Siu-Yeung.
“Close collaboration with the HKP allows the SFC to discharge its regulatory functions with greater efficiency and effectiveness. We have always valued the support provided by the HKP and we look forward to even closer collaboration with them,” Mr Atkinson said.
Mr. Chung added: “This MoU represents a milestone in our co-operation that forges an even closer partnership between the two organisations in combating crimes and illicit activities in the securities and futures markets.”