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SATURDAY, FEBRUARY 18, 1984
BANK OF ENGLAND INVITED TO SEND TEAM TO HK
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A GOVERNMENT SPOKESMAN SAID TODAY THAT THE BANK OF ENGLAND HAD BEEN INVITED BY THE HONG KONG GOVERNMENT TO SEND A TWO-MAN TEAM TO HONG KONG TO EXAMINE HOW WELL THE BANKING AND DEPOSIT-TAKING COMPANIES ORDINANCES HAVE OPERATED SINCE THEY WERE ENACTED INCLUDING SUPERVISORY PROCEDURES AND PRACTICES, AND WHETHER IMPROVEMENTS ARE NOW NECESSARY.
THE SPOKESMAN SAID THAT THE FINANCIAL SECTOR OF OUR
ECONOMY IS FAR MORE COMPLEX THAN IT WAS 20 YEARS AGO WHEN THE BANKING ORDINANCE WAS ENACTED AND THAT SINCE THEN HONG KONG HAS EVOLVED INTO A FINANCIAL CENTRE OF A SIZE AND IMPORTANCE THAT COULD NOT HAVE BEEN CONTEMPLATED BACK IN 1964. HE SAID THAT ALTHOUGH THE TWO ORDINANCES HAD BEEN EXTENSIVELY AMENDED TO MEET ALTERED CONDITIONS, THE GOVERNMENT BELIEVES THAT THE CHANGES THAT HAVE TAKEN PLACE IN THE FINANCIAL SECTOR OVER THE LAST 20 YEARS ARE SUCH THAT AN INDEPENDENT OVERALL REVIEW SHOULD NOW BE UNDERTAKEN BY EXPERTS WHO, BECAUSE THEY WILL NOT BE INVOLVED IN THE DAY TO DAY ADMINISTRATION OF THE TWO ORDINANCES, WILL BE ABLE TO TAKE A DETACHED, BUT PROFESSIONAL VIEW OF TODAY'S NEEDS IN THIS VERY IMPORTANT AREA OF HONG KONG'S ECONOMY.
THE SPOKESMAN SAID THAT THE BANK OF ENGLAND HAD RESPONDED POSITIVELY TO THE HONG KONG GOVERNMENT'S REQUEST AND THAT THE TEAM WERE EXPECTED TO ARRIVE TOWARDS THE END OF FEBRUARY.
COMMUNITY PRAISED FOR ANTI-NARCOTICS FIGHT
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THE HONG KONG COMMUNITY'S INVOLVEMENT IN THE FIGHT AGAINST DRUGS HAS ACHIEVED INTERNATIONAL RECOGNITION, THE COMMISSIONER FOR NARCOTICS, MR G.L. MORTIMER, SAID THIS (SATURDAY) EVENING.
HE WAS SPEAKING AT THE 1983-84 NORTH DISTRICT FIGHT CRIME AND ANTI-NARCOTICS VARIETY SHOW HELD AT THE FANL ING RECREATION
PLAYGROUND.
REFERRING TO THE 1983 REPORT OF THE UNITED NATIONS INTERNATIONAL NARCOTICS CONTROL BOARD, MR MORTIMER QUOTED, THE COMMUNITY (IN HONG KONG) IS COMBINING ITS RESOURCES WITH GOVERNMENT AGENCIES TO PROVIDE IMAGINATIVE CAMPAIGNS DIRECTED AT SPECIFIC VULNERABLE GROUPS IDENTIFIED THROUGH THE CENTRAL REGISTRY DATA.+
BUT MR MORTIMER STRESSED THERE COULD BE NO COMPLACENCY UNTIL THE GRAVE THREAT OF NARCOTICS TO YOUNG PEOPLE AND THE WELL-BEING OF HONG KONG WAS ERADICATED,
+WE MUST SUSTAIN OUR EFFORTS AGAINST DRUG TRAFFICKING AND ABUSE, IN ALL FIELDS LAW ENFORCEMENT, PREVENTIVE EDUCATION, TREATMENT, AFTERCARE AND REHABILITATION, HE SAID.
/HE DESCRIBED