WEDNESDAY, JULY 12, 1989
HE SAID THAT A POINT OF CONCERN
LIABILITY IN HONG KONG,
WAS THE ISSUE OF CRIMINAL
FAILS ΤΟ CLARIFY WHAT AND WHETHER OR NOT INDIRECTLY
"THE CURRENT DRAFT OF THE LEGISLATION THE TERRITORIAL LIMITATIONS OF THE BILL WILL BE PERSONS IN HONG KONG WILL BE HELD LIABLE FOR PARTICIPATING IN OR SIMPLY HAVING KNOWLEDGE TERRITORY,
"
HE SAID.
OF
ILLEGAL
ACTIVITIES OUTSIDE THE
"UNDER THE LEGISLATION AS NOW REPORTS FROM OR MAKE CREDIT DECISIONS FOR BRANCHES OUTSIDE
DRAFTED, BANKS WHICH RECEIVE MAY INADVERTENTLY INCUR LIABILITY EVEN THOUGH
HONG KONG PLACE ABROAD."
THE ILLEGAL ACT TOOK
THE LEGISLATION WOULD REMOVE THIS
MR LI SAID A SIMPLE AMENDMENT SPECIFYING THAT APPLIED ONLY TO TRANSACTIONS WITHIN THE TERRITORY POTENTIALLY DANGEROUS ANOMALY.
"OTHERWISE, WE MAY FACE KONG-BASED REGIONAL HEADQUARTERS OF FINANCIAL INSTITUTIONS
THE SITUATION WHERE THE HONG ARE NOT ABLE OR NOT PREPARED TO EXERCISE
FIND THEY OFFICES,"
CONTROL OVER FOREIGN
HE SAID.
FULL
GOVERNMENT ΤΟ OFFICES AWAY FROM HONG TERRITORY'S POSITION AS AN
MR LI SAID IT WAS CERTAINLY NOT THE WISH OF THE ENCOURAGE BANKS TO MOVE THEIR REGIONAL HEAD KONG, AS THIS WOULD UNDERMINE INTERNATIONAL FINANCIAL CENTRE.
THE
IN ADDITION, THERE WAS THE QUESTION OF GUIDELINES, MR LI NOTING THAT IT WOULD GIVE THE FINANCIAL INDUSTRY A FAR GREATER OF COMFORT IF THE GUIDELINES FOR THE IMPLEMENTATION OF THE REFERRED TO SPECIFICALLY IN THE LEGISLATION.
SAID, DEGREE
BILL WERE
HE SAID ALTHOUGH THE GOVERNMENT PREPARED TO REVIEW THE BILL AT SOME POINT IN THE FUTURE,
HAD INDICATED THAT IT WAS FINANCIAL INDUSTRY STRONGLY BELIEVED THAT A DATE SHOULD BE
HONG KONG'S FOR THIS REVIEW.
FIXED NOW
WITHIN TWO
YEARS
AFTER THE
SHOULD INVOLVE A
THOROUGH,
ELIMINATE AMBIGUITY
tr
MR LI SAID,
"THE REVIEW SHOULD OCCUR LEGISLATION COMES INTO FORCE. IT INDEPENDENT EVALUATION OF THE RECOMMEND ANY AMENDMENTS NEEDED TO THE EFFICIENCY OF ENFORCEMENT,
OPERATION OF THE LAW. + AND SHOULD AND IMPROVE
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