FATF on the Extradition Bill – It Could Prevent Money Laundering

FATF says that the controversial extradition bill could help in preventing money

The FATF said extradition bill is beneficial to the Hong Kong regime.It will enable them to extradite suspects of money laundering and terrorism funding to Mainland China. 

The proposed extradition law of Hong Kong will allow the extradition of suspects to Mainland China as reported by Asia First. This law was proposed as a response to the FATF(Financial Action Task Force) report in February of this year, which said that such a law was needed. The need came from the problems and possibilities of money laundering and terrorist financing in the future.The mass protests by Hong Kongers which are still going on forced the removal of the bill.

The FATF recommended that it should “look at ways to improve its ability to cooperate with other parts of China through formal means”.There were legal barriers to such cooperation, cooperation that ws informal was strong and “partially mitigates the legal shortcomings”. 

Since 2016, The Hong Kong Monetary Authority has concerns about money laundering and terrorism funding has prioritised measures for these issues. Overall, the FATF said it had a “sound regime to fight money laundering and terrorist financing that is delivering good results.”

Read more articles related to the Hong Kong Extradition Bill. 

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Written by

Cheryl Toh

Last updated on

September 9th 2019, 11:49 am

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