Authorities in Hong Kong are ramping up efforts to combat increasingly sophisticated financial fraud, announcing aggressive new measures to disrupt scam networks and prevent money laundering.
Official data revealed Thursday that scam cases surged 12 percent in 2024, reaching nearly 45,000 incidents totaling over HK$9 billion in illicit transactions. In response, law enforcement arrested 8,600 individuals suspected of lending bank accounts for money laundering—a 44 percent increase from the previous year.
The Hong Kong Monetary Authority (HKMA) and police are implementing a comprehensive strategy centered on enhanced inter-agency data sharing. Under new protocols, banks will receive flagged account, phone, and email information from police databases to proactively identify suspicious financial activities.
“Banks will only share client information in specific situations related to scams and money laundering,” said Raymond Chan, an executive director at HKMA, emphasizing strict privacy protections.
A key initiative involves the Financial Intelligence Evaluation Sharing Tool (Finest), which will enable rapid information exchange between financial institutions and law enforcement.
Police Chief Superintendent Kelly Cheng highlighted cross-border collaboration, citing a multi-month operation where mainland authorities arrested 251 individuals connected to over 500 scam cases. Many suspects reportedly traveled to Hong Kong specifically to open bank accounts before returning to the mainland.
The proposed measures are pending legislative approval, with local banks expected to implement enhanced data-sharing protocols by year’s end.
As financial criminals become increasingly sophisticated, Hong Kong’s multi-pronged approach signals a determined effort to disrupt their operations and protect potential victims.
