Government welcomes passage of Banking (Amendment) Bill 2025
The Government welcomed the passage of the Banking (Amendment) Bill 2025 by the Legislative Council today (June 4) to facilitate the sharing of account information among banks under specified conditions to enhance the efficiency in detecting and preventing crime in Hong Kong.
The Amendment Ordinance introduces a voluntary mechanism for banks and relevant law enforcement agencies to share with each other, swiftly and safely via electronic means, information of corporate and individual accounts through secure platforms designated by the Hong Kong Monetary Authority (HKMA), when banks become aware of suspected prohibited conduct (i.e. money laundering, terrorist financing or financing of proliferation of weapons of mass destruction). The Amendment Ordinance also provides legal protection for banks that disclose relevant information. The mechanism will enable banks and relevant law enforcement agencies to act swiftly to intercept illicit funds and expedite intelligence gathering so that the public will be better protected from fraud and associated money laundering activities.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The new mechanism not only enhances Hong Kong's ability to combat fraud and associated money laundering activities, providing better protection for citizens, but also helps maintain the stability of Hong Kong's banking system and showcases the efforts made by Hong Kong, as an international financial centre, in international collaborations to combat relevant illegal activities."
The Chief Executive of the HKMA, Mr Eddie Yue, said, "The new information sharing mechanism will further enhance the ability of the banks to detect and prevent fraud and other financial crime. The HKMA will continue to work closely with the Hong Kong Police Force and the banking sector to take forward the preparation work, including the upgrade of systems and formulation of practical guidelines, with a view to implementing the new mechanism as soon as practicable."
The Amendment Ordinance will come into effect this year. The commencement date will be announced separately.
Government announces updates on follow-up work on Tai Po fire
The three task forces set up by the Government for the fire at Wang Fuk Court in Tai Po - the Task Force on Investigation and Regulation, the Task Force on Emergency Support and Fund-Raising, and the Task Force on Emergency Accommodation Arrangements - are making full efforts to follow up on the support, relief, and investigation work related to the incident. Details are as follows:
Financial and welfare support
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For the Support Fund for Wang Fuk Court in Tai Po, established by the Government, donations received are about $3.7 billion as of noon today (December 21). With the start-up capital of $300 million from the Government, the fund's total has now reached around $4 billion. The fund will be used to assist residents in rebuilding their homes and providing long-term and sustained support.
Accommodation support
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Currently, there is still a supply of more than 1 000 units that can provide affected residents with longer-term accommodation. The transitional housing and the Hong Kong Housing Society (HKHS) projects in different districts can altogether provide around 500 units at the moment. Moreover, Po Tin Interim Housing in Tuen Mun and Runway 1331 at Kai Tak can provide a supply of around 900 units.
As of this morning, a total of 572 residents are staying in hotel rooms through the co-ordination of the Home and Youth Affairs Bureau, and 563 residents are staying in youth hostels/camps. Another 3 513 residents are currently living in transitional housing units provided by the Housing Bureau, units from the HKHS or Po Tin Interim Housing in Tuen Mun.
The Transport Department (TD) has been steering public transport operators (PTOs) to enhance services of franchised buses, green minibuses and residents' services (RS) by deploying additional vehicles and manpower to support residents affected by the fire who have been admitted into transitional housing in various districts, facilitating transfers to other services to and from different districts. Among them, an additional RS will be introduced connecting CONCORDIA Tsat Sing Kong and CONCORDIA Sheung Yue River in Yuen Long and Tai Po Market Station. The TD will closely co-ordinate with operating organisations of transitional housing projects concerned and PTOs to cater for residents' commuting needs.
Relief supplies and donations
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The supplies donation online platform, established by the Government and the information technology sector, continues to operate, facilitating the registration of supplies donations from organisations and the public. The Government has so far received around 2 000 registrations, of which approximately 30 per cent were submitted by organisations, whereas the others were contributed by the public. The various registered donation items include food and beverages, clothing, daily necessities, bedding, and electrical appliances. The Government is actively assessing residents' actual needs through the relevant policy bureau, government departments, and service organisations for the matching of donated supplies in order to distribute appropriate items in phases to places in need. So far, over 29 000 donation items covering various categories have been distributed to different places. The matching and distribution of supplies will continue.
Investigation and regulation
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Relevant policy bureaux and departments continue to follow up on the fire investigation and regulatory efforts.
Source: AI-found images
