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WCO is an independent inter-governmental organisation whose mission is to secure, through co-operation between governments, the highest degree of harmony and uniformity in all customs systems world-wide, in the interest of international trade. It was established in Brussels in 1953 under the official name of Customs Co-operation Council. At present, WCO has 140 member countries and territories all over the world.
The Council meets once a year in June, usually in Brussels but once in three years and exceptionally the meetings are held outside Brussels. The delegates to the Council are normally the heads of national customs administrations.
The Council is assisted by the Policy Commission (consisting of 25 members) which meets twice a year. As its name indicates, the Policy Commission considers and advises the Council on important policy matters and acts as a dynamic steering group within the Council.
Hong Kong attained membership with WCO in 1987. Since then, Hong Kong has participated actively in WCO activities. The territory will continue to be a separate customs territory and a full member of the organisation beyond 1997.
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Restricted banking licence to Pacific Finance granted
The Pacific Finance (Hong Kong) Limited (PFHK) has been granted a restricted banking licence on June 1 by the Hong Kong Monetary Authority (HKMA) under the Banking Ordinance, a spokesman of HKMA said today (Tuesday).
PFHK, which has a paid-up share capital of $300 million, has been operating as a money lender in Hong Kong since July last year. It is equally owned by Jardine, Matheson and Co Ltd and Jardine Fleming Bank Ltd.
After granting a licence to PFHK, the number of restricted licence banks in Hong Kong has increased to 63.
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