(China Daily) Hong Kong lawmakers on Wednesday approved legislative amendments to facilitate the sharing of account information among banks under specified conditions to enhance the efficiency in detecting and preventing crime in the city.
The Banking (Amendment) Bill 2025 introduces a voluntary mechanism for banks and relevant law enforcement agencies to securely share with each other information of corporate and individual accounts when banks become aware of suspected prohibited conduct.
Such activities include money laundering, terrorist financing, and financing of the proliferation of weapons of mass destruction, the special administrative region government said in a news release.
The SAR government welcomed the passage of the amendment ordinance by the Legislative Council.
“The new mechanism not only enhances Hong Kong's ability to combat fraud and associated money laundering activities, providing better protection for citizens, but also helps maintain the stability of Hong Kong's banking system and showcases the efforts made by Hong Kong, as an international financial center, in international collaborations to combat relevant illegal activities,” said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.
The bill also provides legal protection for banks that disclose relevant information.
The mechanism will enable banks and relevant law enforcement agencies to act swiftly to intercept illicit funds and expedite intelligence gathering so that the public will be better protected from fraud and associated money laundering activities.
The new information-sharing mechanism will further enhance the ability of the banks to detect and prevent fraud and other financial crime, said Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority.
“The HKMA will continue to work closely with the Hong Kong Police Force and the banking sector to take forward the preparation work, including the upgrade of systems and formulation of practical guidelines, with a view to implementing the new mechanism as soon as practicable," he added.
The amendment ordinance will come into effect this year. The commencement date will be announced separately, said the SAR government.
Source: China Daily by Wang Zhan in Hong Kong Published: 02:51, June 4, 2025 | Updated: 03:26, June 4, 2025
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