XN000022-1989-07-12 — Page 7

WEDNESDAY, JULY 12, 1989

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AS A RESULT OF THEIR HARD WORK, MISS TAM SAID THE GROUP AND THE ADMINISTRATION HAD NOW AGREED ON A PACKAGE OF 21 AMENDMENTS то THE ENGLISH VERSION AND 50 AMENDMENTS TO THE CHINESE VERSION OF THE BILL.

SHE NOTED THAT THIS PACKAGE OF AMENDMENTS REPRESENTED A COMPROMISE REACHED BETWEEN MANY DIFFERENT AND SOMETIMES CONFLICTING CONSIDERATIONS.

SHE ADDED: "WE BEGAN OUR TASK BY INVITING VIEWS FROM PROFESSIONAL BODIES INVOLVED IN EARLIER DRAFTING OF THE BILL. THESE INCLUDE THE HONG KONG ASSOCIATION OF BANKS, THE HONG KONG ASSOCIATION OF DEPOSIT TAKING COMPANIES, THE HONG KONG BAR ASSOCIATION, THE LAW SOCIETY OF HONG KONG, AND THE HONG KONG SOCIETY OF ACCOUNTANTS.

ALL THE

"WE RECEIVED LENGTHY AND DETAILED WRITTEN SUBMISSIONS FROM THESE PROFESSIONAL BODIES, AND MET WITH REPRESENTATIVES OF BANKING SECTOR TO EXCHANGE VIEWS ON SPECIFIC PROVISIONS IN THE BILL AND THE CONTENTS OF THEIR GUIDELINES."

MISS TAM NOTED THAT THE GROUP'S MAIN CONCERN WAS THAT THOSE OFFERING PROFESSIONAL SERVICE TO THEIR CLIENTS IN GOOD FAITH SHOULD NOT BE UNFAIRLY PREJUDICED BY ANY DRACONIAN MEASURES OF THE LAW WHILST ON THE OTHER HAND THE LAW MUST BE MADE EFFECTIVE.

POWERFUL WEAPON IN FIGHT AGAINST DRUGS

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THE DRUG TRAFFICKING (RECOVERY OF PROCEEDS) BILL 1989, WHEN ENACTED, WILL BE A POWERFUL WEAPON IN HONG KONG'S FIGHT AGAINST CRIME AND, IN PARTICULAR, AGAINST THE DRUG TRADE, THE HON DAVID LI SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SPEAKING IN SUPPORT OF THE BILL IN THE RESUMED DEBATE MR LI SAID HONG KONG MUST USE EVERY LEGITIMATE METHOD AT ITS TO STAMP OUT THIS EVIL TRADE.

ON IT, DISPOSAL

HE SAID THE FINANCIAL SECTOR RECOGNISED THAT IT HAD A CRUCIAL ROLE TO PLAY IN THE WAR AGAINST DRUG TRAFFICKING, AND IT WELCOMED THE PRINCIPLE BEHIND THE BILL.

ALREADY DOING THEIR

"FINANCIAL INSTITUTIONS IN HONG KONG ARE UTMOST TO ASSIST LAW ENFORCEMENT AGENCIES IN THIS FIGHT, AND ARE PREPARED TO CO-OPERATE FULLY WITH THE AUTHORITIES,

++ HE SAID.

HOWEVER, MR LI SAID THE FINANCIAL INDUSTRY STILL HAD A NUMBER OF OBJECTIONS TO THE BILL WHICH THE GOVERNMENT, "MOST REGRETTABLY, HAS ADAMANTLY REFUSED TO ALTER".

/HE SAID