04 March 2014

More than a third of Hong Kong and Macau firms have experienced money laundering, says survey

Tessa Lorimer
Consultant | UK

Gerrallt Owen was quoted in a recent survey on corporate crime and money laundering, conducted by PWC and published by Thomson Reuters Compliance Complete. The survey found that more than a third of corporations and banking and financial institutions in Hong Kong and Macau had encountered money laundering of some form, three times more than regional and global averages.

Gerallt was quoted as saying that the survey results: “…should be a red flag to boards of directors and those involved in compliance roles, as many regulators now take a risk-based approach to compliance.” He also highlighted the importance for organisations to carry out proper risk assessments: “Where there are problems and the regulators get involved, invariably they will look at what compliance systems were inplace and how decisions were taken in implementing those systems and controls. Without compliance officers carrying out proper risk assessments, it is much easier for regulators to challenge whether compliance systems are fit-for-purpose in addressing that business’ financial crime risks.”

To view Gerallt’s full comments and the findings of the survey, please click ‘Download as PDF’.

Tessa Lorimer Consultant | London

Category: Article