XN000022-1993-12-15 — Page 31

16

WEDNESDAY, DECEMBER 15, 1993

TWO BILLS TO BEAT DRUG MONEY LAUNDERING

WILL

BE

ΤΟ RULES

DRUG MONEY LAUNDERING

EFFECTIVELY COMBAT ENFORCED UNDER TWO BILLS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE

SECURITIES

(AMENDMENT) BILL 1993 AND THE COMMODITIES BY THE TRADING (AMENDMENT) BILL 1993 WERE MOVED FOR SECOND READING ACTING SECRETARY FOR FINANCIAL SERVICES, MR TAM WING-PONG.

THE

SEEK

AND

FUTURES

PERSON REGISTERED TRADING ORDINANCE

BILLS

THE TO ENSURE THAT

SECURITIES COMMISSION CAN TAKE DISCIPLINARY ACTION AGAINST A UNDER THE SECURITIES ORDINANCE OR THE COMMODITIES WHO HAD BREACHED RULES MADE BY THE COMMISSION.

MR TAM SAID THE COMMISSION WOULD PROMULGATE RULES REGARDING THE MARKET PROCEDURES TO BE FOLLOWED BY INTERMEDIARIES IN THE SECURITIES IN COUNTERING AND REPORTING SUSPECTED MONEY LAUNDERING TRANSACTIONS.

UNDER THE EXISTING FRAMEWORK, IT IS UNCLEAR WHETHER A BREACH OF SUCH RULES CONSTITUTES "MISCONDUCT" FOR WHICH ACTIONS CAN BE TAKEN.

"IT

IS NECESSARY TO REMOVE ANY POTENTIAL AMBIGUITIES REGARD IF WE ARE TO EFFECTIVELY ENFORCE THOSE RULES TO BE SAID.

IN THIS

HE

MADE,"

THE AMENDMENT EXPRESSLY STIPULATES THAT "MISCONDUCT" ANY FAILURE TO COMPLY WITH RULES MADE BY THE COMMISSION.

INCLUDES

A

THE COMMODITIES TRADING (AMENDMENT) BILL 1993 ALSO RECTIFIES DISPARITY BETWEEN THE SECURITIES ORDINANCE AND THE COMMODITIES TRADING ORDINANCE.

FORMER

CONTAINS

AN

FOR THE RESPECT OF ABSENT IN THE

WHILE THE

EXPLICIT PROVISION SECURITIES AND FUTURES COMMISSION TO PROMULGATE RULES IN THE CONDUCT OF BUSINESS OF INTERMEDIARIES, THIS IS LATTER.

DEBATES ON THE TWO BILLS WERE ADJOURNED.

0

-

IMPROVEMENTS TO SEVERANCE, LONG SERVICE PAYMENTS PROPOSED * * * * *

A BILL THAT SEEKS TO IMPROVE THE AMOUNT OF SEVERANCE PAYMENT AND LONG SERVICE PAYMENT FOR LONG-SERVING WORKERS WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

BILL LAM,

2)

MOVING THE SECOND READING OF THE EMPLOYMENT (AMENDMENT) (NO. 1993, THE ACTING SECRETARY FOR EDUCATION AND MANPOWER, MR W K SAID AN EMPLOYEES' ENTITLEMENT TO SEVERANCE PAYMENT AND LONG SERVICE PAYMENT WAS CALCULATED AT THE RATE OF TWO-THIRDS OF A MONTH'S WAGES FOR EACH YEAR OF SERVICE, BUT SUBJECT TO A MAXIMUM LIMIT OF 12 MONTHS' WAGES OR $180,000, WHICHEVER WAS THE LESS.

/THIS ARRANGEMENT