The term Money Laundering covers all procedures to change, obscure or conceal the beneficial ownership

“I lens”- March Issue Commissioner Speaks th“I lens”, now in its 15 issue, is instrumental in enhancing the regulatory transparency. As the new Commissioner of Insurance, I shall endeavour to use this effective channel of communication to strengthen the liaison with the insurance industry and members of the general public. Criminals have tremendous creativity in abusing a transaction of insurance and there is a trend of increasing complexity in their illicit exploits. Insurance-related crime is not a misdemeanour damaging an insurance institution’s reputation only, but also affects all of us by driving up the costs of insurance. In building up a robust cross-functional regulatory regime, we work closely with law enforcement agencies, international organizations and other financial regulators to facilitate reporting of any suspicious transactions. I wish this newsletter would help raise the public awareness of our efforts to help fight against any crimes related to insurance. Richard Yuen Commissioner of Insurance 1Editor’s Note Hong Kong is ranked the world’s freest economy. The freedom of fund movements facilitates the development of our financial markets, but at the same time it makes us vulnerable to money laundering and terrorist financing risks. In fighting against this crime, Hong Kong prides itself as a regional leader and was serving as the Presidency of the Financial Action Task Force on Money Laundering for ...