Hong Kong money laundering police face record deluge of 100 reports a day

Simon Deane was recently featured in the South China Morning Post in an article discussing how police investigators at the forefront of Hong Kong’s battle against money laundering face a flood of reports.

The SCMP reports that more than 100 suspected cases land on their desks every day – almost double the amount of just three years ago. The reported data also reveals the first reports from auction houses, with 31 suspicious transaction reports made between 2012 and 2014. This has prompted concerns that auction houses could offer an effective way to hide ill-gotten gains as other traditional avenues such as casinos and banks come under greater scrutiny amid Beijing’s crackdown on graft.

Simon commented: “It is possible that current laws in Hong Kong would be extended to cover auction houses. Goods for auction are a store of financial value and therefore purchasing them at auction must be considered as a potential money-laundering tool,” he said, which “would force auction houses to do client due diligence”.

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Simon Deane

Consultant | Banking and Finance

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