SFC and Hong Kong Police Sign MoU for Increased Coordination
by
Colin Firth
Increased coordination in handling financial crime will help control fraud in one of Asia's biggest financial centers.
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.
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.
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."
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.
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.
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."
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Network, Learn, Grow | FMAS:24
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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