From Yahoo Finance: 2025-04-11 10:53:00

The Hong Kong Monetary Authority, Police Force, and Association of Banks launch new initiatives to combat financial crimes like fraud and money laundering. Measures include using Scameter data, information sharing, and thematic reviews to strengthen anti-fraud systems. Public awareness campaigns will also be increased to prevent account misuse.

In 2024, Hong Kong reported a significant 11.7% increase in deception cases compared to the previous year, totaling 44,480 cases. Additionally, 10,496 individuals were apprehended for various fraud and money laundering offenses, with 7,700 involved in money laundering through account selling or permitting, showing a 13.6% increase.

To address the escalating fraud problem, Hong Kong authorities are implementing measures to enhance detection and prevention efforts. This includes creating an Anti-fraud Education Taskforce to coordinate educational campaigns across major banks. Collaboration between authorities, banks, and other parties will be crucial in combating financial crime in Hong Kong.

Read more: Hong Kong authorities unveil measures to combat financial crime