XN000022-1989-02-24 — Page 4

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FRIDAY, FEBRUARY 24, 1989

THE

CONSTRUCTIVE DISCUSSIONS BETWEEN HE SAID THAT FOLLOWING HONG KONG ASSOCIATION OF BANKS, THE HONG KONG DEPOSIT-TAKING AND HIMSELF, THE COMPANIES ASSOCIATION, THE COMMISSIONER OF BANKING

DOWN A TWO ASSOCIATIONS HAD DRAWN UP THEIR OWN GUIDELINES WHICH LAID MODEL INTERNAL REPORTING MECHANISM

BANKS AND DEPOSIT-TAKING FOR ΤΟ COMPLY

THE COMPANIES TO ENABLE THEM

WITH

REQUIREMENTS OF THE ALSO DESCRIBED CIRCUMSTANCES LEGISLATION, AND

SUSPICION WHICH MIGHT BE GENERATED THAT A TRANSACTION WAS DRUG RELATED.

HE CONTINUED:

NEW

IN

"ONCE THE

[S LEGISLATION TO BE JOINTLY

BY MANNED

POLICE REPORTING FACILITY, OFFICERS, WILL BE SET UP TO RECEIVE REPORTS ABOUT KNOWN DRUG-RELATED FINANCIAL TRANSACTIONS."

ENACTED, A

AND CUSTOMS OR SUSPECTED

CLEARLY

ROOT

DR GERALD CHOA, COMMENTING ON THE BILL, THE CHAIRMAN OF ACAN, SAID THE PROPOSED LEGISLATION, ENDORSED BY HIS COMMITTEE, WAS AN INDICATION OF THE GOVERNMENT'S DETERMINATION TO STRIKE AT THE

POSITIVELY TO THE INTERNATIONAL OF DRUG TRAFFICKING AND TO RESPOND

THE CONFISCATE

PROCEEDS OF CALL FOR LEGISLATIVE MEASURES TRAFFICKERS AND TO COUNTER MONEY LAUNDERING.

ΤΟ

DRUG

PROFITS WHICH ARE USED BY TRADE AND FINANCE OTHER IN LEGITIMATE BUSINESSES ΤΟ

"DRUG TRAFFICKING GENERATES HUGE TRAFFICKERS NOT ONLY TO FURTHER THEIR DRUG ILLEGAL ACTIVITIES, BUT ALSO TO INVEST EARN FURTHER PROFITS," HE SAID.

THE DISPOSAL COUNTERACT

"THE ENORMOUS FINANCIAL RESOURCES THUS PLACED AT OF DRUG TRAFFICKERS HAVE GREATLY ENHANCED THEIR ABILITY TO LAW ENFORCEMENT ACTION AGAINST THEM.

"THE NEED TO ATTACK THE PARAMOUNT," HE SAID.

ASSETS OF

TRAFFICKERS IS THEREFORE

THE

DR CHOA ADDED THAT SIMILAR LEGISLATION ALREADY OPERATED IN

THE PROVISION OF THE UNITED KINGDOM, USA, CANADA AND AUSTRALIA AND

THE LOCAL LAW NEW LEGISLATION IN HONG KONG WOULD UNDOUBTEDLY ASSIST

SERIOUS CRIME WHICH ENFORCEMENT AGENCIES TO DEAL EFFECTIVELY WITH A

MUTUAL CO-OPERATION IN THE HAD BECOME A WORLD-WIDE MENACE AND HELP GLOBAL STRUGGLE AGAINST DRUGS.

THE LEGISLATIVE COUNCIL ON THE BILL WILL BE INTRODUCED INTO

THE COMMENCEMENT OF THE SECOND MARCH 9 FOR ITS FIRST READING AND

TWO TO READING DEBATE AND IT IS EXPECTED TO BECOME LAW IN THE COMING THREE MONTHS.

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