7
WEDNESDAY, JULY 12, 1989
CALL TO HIT DRUG TRAFFICKERS HARD
*
THE DRUG TRAFFICKING (RECOVERY OF PROCEEDS) BILL 1989 SHOULD ALLOW LAW ENFORCEMENT AGENCIES TO ATTACK THE TRAFFICKERS WHERE IT HURTS, BY GETTING AT THE PROCEEDS, THE HON PETER WONG HONG-YUEN SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY},
SPEAKING IN SUPPORT OF THE BILL WHEN DEBATE ON IT RESUMED. MR WONG SAID IN ORDER TO ACHIEVE THAT, HE WOULD HAVE BEEN HAPPY 10 STRUK TO THE ORIGINAL MUCH HIGHER DUTY FROM BANKERS AND OTHER PROFESS DVD TO REPORT ON MERE SUSPICION AND NOT THE LESSER DUTY OF "HAVIN REASONABLE GROUNDS TO BELIEVE".
HE SAID SINCE THE ADMINISTRATION WAS PREPARED ΤΟ ACCEPT THIS LESSER DUTY, HE WAS PREPARED TO FOLLOW THE MAJORITY BUT WOULD ARCH THE SUCCESS RATE OF THE LEGISLATION IN PUTTING THE "MR BIGS" OUT OF
BUSINESS.
"WE SHOULD NOT HESITATE TO USE ALL APPROPRIATE MEANS TO TACKLE THIS HITHERTO UNSOLVABLE PROBLEM BECAUSE WE ONLY HAVE TO SEE THE WAY THE COCAINE BARONS OF SOUTH AMERICA OVERRIDE EVEN GOVERNMENTS IN THEIR PURSUIT OF THE FAST BUCK," HE SAID.
MR WONG ALSO SAID THAT IN CALCULATING THE MONETARY VALUE OF A RESTRAINT ORDER. THE VAGARIES OF SUCH AN EXERCISE COULD EASILY UNDER-ESTIMATE THE AMOUNT AVAILABLE TO SATISFY CREDITORS.
THAT
"I WOULD WELCOME AN ASSURANCE FROM THE ADMINISTRATION PROCEDURES WILL BE PUT IN PLACE TO PREVENT SUCH AN UNFAIR TREATMENT, HE SAID.
BILL PROVIDES TOUGHER SANCTIONS AGAINST INSIDER DEALING
IS ΤΟ
THE MAIN PURPOSE OF THE SECURITIES (INSIDER DEALING) BILL 1989 TO PROVIDE A MORE COMPREHENSIVE DEFINITION OF INSIDER DEALING AND EMPOWER THE INSIDER DEALING TRIBUNAL TO IMPOSE SEVERE PENALTIES INSIDER DEALERS, THE ACTING FINANCIAL SECRETARY, THE HON DAVID NENDICK, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
ON
IN MOVING THE SECOND READING OF THE BILL, MR NENDICK SAID IT INCORPORATED MANY OF THE EXISTING PROVISIONS IN PART XIIA OF THE SECURITIES ORDINANCE, PARTICULARLY THOSE IN RELATION TO THE CONSTITUTION OF THE TRIBUNAL, THE SCOPE ITS INQUIRY AND ITS
OF INVESTIGATION.
POWERS
WHICH SYSTEM,
"
"THE BILL ALSO INTRODUCES A NUMBER OF IMPORTANT CHANGES ARE DESIGNED TO IMPROVE AND STRENGTHEN THE PRESENT TRIBUNAL HE SAID.
/FIRST,