XN000022-1993-07-23 — Page 22

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FRIDAY, JULY 23, 1993

* DETAILS

IS NAMES AND

OF PARTNERSHIP ARRANGEMENTS, THAT ADDRESSES OF HONG KONG AND MAINLAND PARTNERS AND DOCUMENTARY

APPROVAL. FROM THE CHINESE EVIDENCE OF PROVIDING CROSS-BORDER BUS/HIRE CAR SERVICE.

AUTHORITIES

FOR

THE SPOKESMAN ADDED THAT APPLICANTS SHOULD SUBMIT

SIMULTANEOUS

CARPARK PEOPLE'S

· APPLICATIONS TO THE PUBLIC VEHICLE SECTION OF THE TRANSPORT DEPARTMENT

28, AT ROOM

MEZZANINE FLOOR, MURRAY ROAD MULTI-STOREY BUILDING, 2 MURRAY ROAD, HONG KONG, AND THE COUNTRY PORT OF GOVERNMENT OF SHENZHEN PORT OFFICE ON OR BEFORE AUGUST 7, 1993.

FURTHER ENQUIRIES CAN BE MADE ON TEL 801 5991.

REVISED GUIDELINE ON MONEY LAUNDERING ISSUED

THE HONG KONG MONETARY AUTHORITY (HKMA) TODAY (FRIDAY) ISSUED A REVISED GUIDELINE ON MONEY LAUNDERING FOLLOWING THE PRIVY COUNCIL RULING ON MAY 19 THIS YEAR WHICH RESTORED THE LEGAL OBLIGATION ON AUTHORISED INSTITUTIONS TO REPORT SUSPECTED CASES OF DRUG-RELATED MONEY LAUNDERING.

THE REVISED GUIDELINE GAZETTED TODAY REPLACES THE ONE THAT HAS BEEN IN FORCE SINCE MARCH 1989.

"IT PROVIDES MORE DETAILED ADVICE TO AUTHORISED INSTITUTIONS ON HOW то RECOGNISE AND COMBAT MONEY LAUNDERING," A SPOKESMAN FOR THE HKMA SAID.

"IT WILL HELP TO ENSURE THAT HONG KONG REMAINS IN LINE WITH INTERNATIONAL STANDARD IN THE FIGHT AGAINST MONEY LAUNDERING,' THE SPOKESMAN SAID.

THE GUIDELINE HAS TAKEN ACCOUNT OF THE RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE.

IT HAS ALSO BEEN THE SUBJECT OF EXTENSIVE CONSULTATION WITH INTERESTED PARTIES, INCLUDING THE HONG KONG ASSOCIATION OF BANKS AND THE DEPOSIT-TAKING COMPANIES ASSOCIATION.

"EVERY EFFORT HAS BEEN MADE TO ENSURE THAT THE REVISED GUIDELINE IS A RELEVANT AND COMPREHENSIVE DOCUMENT. WE BELIEVE THAT IT COMMANDS THE GENERAL SUPPORT OF THE BANKING INDUSTRY, THE SPOKESMAN SAID.

"ALL AUTHORISED INSTITUTIONS ARE EXPECTED TO HAVE IN PLACE INTERNAL CONTROLS TO ENABLE THEM TO COMPLY WITH THE RECOMMENDATIONS OF THE GUIDELINE," HE SAID.

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