Hong Kong has become the latest jurisdiction to set up a public-private partnership designed to better coordinate anti-money laundering efforts.
Hong Kong law enforcement, the Hong Kong Monetary Authority, the Hong Kong Association of Banks and about 10 individual banks will collaborate to stop suspicious financial transactions, the HKMA announced May 26. The project will begin as a 12-month pilot known as the Fraud and Money Laundering Intelligence Taskforce.
While such programs generally have received favorable reviews, observers have questioned whether a similar undertaking would be helpful—or even possible—in the U.S.
Australia, U.K.
The effort is similar to an Australian ...
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