XN000022-1991-06-04 — Page 3

2

IN HONG KONG SIGNIFICANT

COMING INTO FORCE OF

THE DRUG

PROGRESS TRAFFICKING

HAS

ORDINANCE IN DECEMBER 1989.

TUESDAY, JUNE 4, 1991

THE

SINCE

PROCEEDS)

MADE BEEN

OF (RECOVERY

THAT EXPECTED IS

THE SPOKESMAN SAID IT ORDINANCE WILL BE PROPOSED IN THE NEAR FUTURE REQUIREMENTS OF THE 1988 VIENNA

AMENDMENTS

TO THIS

ΤΟ MERT THE RELEVANT TRAFFICKING IN AGAINST CONVENTION ILLICIT DRUGS, AND TO REFLECT THE RECOMMENDATIONS OF THE FATF.

CHANGES TO THE THE OPPORTUNITY WILL ALSO BE TAKEN TO PROPOSE

FINANCIAL AND SIMPLER FOR EFFECTIVE, MORE LAW AIMED AT MAKING IT

INSTITUTIONS AND OTHER PROFESSIONS DEALING WITH CASH TO COMPLY WITH.

THE SPOKESMAN SAID:

то

DETERMINATION OUR "INTERNATIONALLY

OF A BY THE NEGOTIATION

AND THE JURISDICTIONS, OTHER

THE DRUG TRAFFICKING

TACKLE DRUG MONEY LAUNDERING IS EVIDENCED NUMBER OF BILATERAL AGREEMENTS WITH DESIGNATION OF NINE JURISDICTIONS SO FAR UNDER (RECOVERY OF PROCEEDS) ORDINANCE.

IN

OUR

ASSISTANCE GREATER "THIS MEANS THAT HONG KONG CAN PROVIDE THE INVESTIGATION OF OVERSEAS MONEY LAUNDERING OFFENCES, AND THAT COURTS CAN GIVE EFFECT TO CONFISCATION ORDERS MADE BY FOREIGN COURTS.

THE FATF WAS ESTABLISHED FOLLOWING THE GROUP OF SEVEN SUMMIT HELD IN PARIS IN JULY 1989 TO REVIEW EXISTING MEASURES MONEY LAUNDERING AND TO RECOMMEND IMPROVEMENTS.

AFTER

MEETINGS SEVERAL

THE

FORCE ISSUED TASK CONTAINING 40 RECOMMENDATIONS IN APRIL LAST YEAR.

OF

ECONOMIC

AGAINST

A

REPORT

THE 1990-91 SERIES BELGIUM, CANADA, DENMARK,

JAPAN, LUXEMBOURG,

SPAIN, SWEDEN,

IN ADDITION TO HONG KONG, PARTICIPANTS IN MEETINGS WERE AUSTRIA,

FINLAND, FRANCE,

NETHERLANDS,

AUSTRALIA, GERMANY, IRELAND,

NORWAY, ZEALAND, NEW

ITALY,

PORTUGAL.,

THE

SWITZERLAND, TURKEY, THE UNITED KINGDOM, THE UNITED STATES OF AMERICA, AND THE COMMISSION OF THE EUROPEAN COMMUNITIES.

THE TASK FORCE MET UNDER THE PRESIDENCY OF FRANCE.

FOLLOWING IS THE TEXT OF THE FINANCIAL ACTION TASK FORCE COMMUNIQUE ISSUED IN PARIS TODAY:

PRESS

TASK HAVE

MINISTERS, OF THE "THE FINANCE MINISTERS AND OTHER COMPETENT COUNTRIES, TERRITORIES AND ORGANISATIONS OF THE FINANCIAL ACTION FORCE ON MONEY LAUNDERING, THE FATF, WHICH IS CHAIRED BY FRANCE,

IN PROGRESS

THE FIGHT AGAINST HELD CONSULTATIONS TO ASSESS RECENT MONEY LAUNDERING AND TO DISCUSS FUTURE PRIORITIES IN THIS FIELD,

"THE EXTENSION OF THE GROUP TO DENMARK, FINLAND, KONG, IRELAND, NEW ZEALAND, NORWAY, PORTUGAL AND TURKEY

CO-OPERATIVE A GROWING INTERNATIONAL AS A SIGN OF MONEY LAUNDERING,

MINISTERS

RENEWED THEIR RECOMMENDATIONS OF THE FATF PUBLISHED IN 1990, TO IMPLEMENT THEM AS SOON AS POSSIBLE.

GREECE, HONG WAS WELCOMED EFFORT AGAINST OF THE 40 ENDORSEMENT

AND THEIR COMMITMENT

"MINISTERS APPROVED THE REPORT OF FATF-2 OF MAY 13, WHICH

WILL

RS MADE PUBLIC.

"IN PARTICULAR,