White collar crime & Money laundering

12 December 2017

Whilst domestic legislation Is essential to deal with white collar crime, It requires to be underpinned by appropriate levels of international cooperation and legal assistance. This is particularly important that globalization and modern technology have a profound effect on white collar crime including corruption and money laundering. The only effective way to deal with transnational crime is for a global enforcement initiative.

This requires each state to have extensive International links and appropriate mutual legal assistance legislation to assist and to be assisted in a elective international fight against corruption. In Hong Kong, international cooperation is facilitated by formal and informal arrangements. There needs to be In place In every state a specialist mutual legal assistance body dedicated to make and receive requests for the obtaining and gathering of information. This body should be able to ensure the prompt and effective response too request by directing and overseeing the relevant law enforcement agency in relation to it.

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There also needs to be in place provisions for the taking of evidence in n appropriate way and form to meet the requirements of the requesting state. The use and facilitation of video link for the taking of evidence is an effective means of easing through domestic requirements. The sourcing and verification of documents and records Is of particular concern when dealing with transnational crime and provisions should be enacted to more readily facilitate the reception of such evidence in domestic Jurisdictions.

In Hong Kong, the regulatory controls over white collar crime are scattered and focused on particular types of white collar crime.But it further fragments the law enforcement Initiative. It results In there not being an overall focus on white collar crime In Its many facets and width of operation. Nor a preparedness to handle multi-facet and complex cases which require a dedicated and long term commitment. Specialist regulatory bodies when investigating white collar crime narrowly focus only on its area of responsibility and sometimes squabble amongst themselves. Also different regulatory bodies have their own regime of offences and powers to deal with particular forms of offending and tend to have different revisions and requirements for gathering and using evidence.There Is a tendency for specialist bodies to be occupied with its own self-promotion and self-interest.

(For example, the SF has the means to deal with a matter by civil action. ) There should be in place effective regulation and accountability measures in the conduct of trade, commerce and business. We have to guard against too many laws and over-regulation. The rules and regulations should be co-ordinates, simple and (1) Prosecuting those involved in the white collar crime with the offence of ML as they ill inevitably be dealing in the proceeds of the crime.

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