Table of Contents

Research Handbook on International Financial Crime

Research Handbook on International Financial Crime

Research Handbooks in Financial Law series

Edited by Barry Rider

A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy. The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, the enterprise of crime, business crime, the financial sector at risk, fraud, corruption, the proceeds of financial and economic crime, and enforcement and control.

Chapter 10: Anti-money laundering regime in Hong Kong

Mark R.C. Sutherland

Subjects: economics and finance, financial economics and regulation, law - academic, corruption and economic crime, finance and banking law

Extract

This chapter focuses on the anti-money laundering regime in Hong Kong with particular reference to the legislative framework as interpreted by recent case law of the Courts of Hong Kong. Reference will be made to certain English cases which remain of persuasive authority in Hong Kong. Consideration is given to the approach of the Courts to those charged with money laundering and who elect to remain silent at Trial as well as current sentencing guidelines. Money laundering is regarded as a very serious offence given that it adversely affects Hong Kong’s reputation as an international financial centre. Such is the golden thread which runs through the relevant legislation and has been recognised by the Courts. In the Court of Appeal case of HKSAR v Xu Xia Li & Anor, Woo VP commented as follows as regards the obvious rationale for the offence: The prohibition of the offence is in order to strike at those who give assistance to criminals to dispose of or retain their ill-gotten gains as if they were derived from legitimate activities. Without the assistance of money launderers, it would be more difficult for criminals to clothe their illegal proceeds with the same respect as lawful gains and the chances of law enforcement detection of illegal activities that produce monetary benefits would be enhanced. Money laundering is therefore treated as a serious offence.

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