Hong Kong police is aligning with the Hong Kong Monetary Authority, the Hong Kong Association of Banks and a number of banks acting independently to launch a 12-month pilot project aimed at enhancing the detection, prevention and disruption of serious financial crime and money laundering threats. The effort will be called the Fraud and Money Laundering Intelligence Taskforce (FMLIT). The organizations said in a joint statement the new task force would address the problem of financial crime, by making use of an anti-money laundering and terrorist financing regime that the Hong Kong Government has developed over many years to protect the integrity of the financial system and citizens to ensure that Hong Kong remains a safe and stable business environment. Some 10 retail banks in Hong Kong have signed up to participate in the FMLIT, including Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), The Hongkong & Shanghai Banking Corp, Hang Seng Bank, Dah Sing Bank and Citibank (Hong Kong).
