Apr.27, 2010, 1:52 AM EDT
April 27 (Bloomberg) -- Hong Kong’s government will study controlling cross-border currency movements in response to criticism from an international task force that it failed to seize cash related to money laundering.
“We are in the process of collecting data, identifying issues and consulting stakeholders, and we will have a schedule on consultation after analysis,” Rita Ma, spokeswoman at the Narcotics Division of the Security Bureau, said in a phone interview in Hong Kong today.
While Hong Kong has strict anti-money laundering measures, it is easy to set up nominee and trust accounts that obscure the ownership and control of assets, according to a June 2008 report by the Financial Action Task Force, an inter-governmental body that combats money laundering and terrorist financing. Hong Kong’s government is required to submit its progress report to the task force by the second quarter this year, Ma said.
The Narcotics Division plays a role in Hong Kong’s actions against money laundering.
At present, Hong Kong has no restrictions on the amount of currency travelers are permitted to carry, the South China Morning Post reported earlier today.