Hong Kong Academy of Finance and Tsinghua University Sign MoU to Enhance Financial Collaboration and Leadership Development.

Hong Kong Academy of Finance and Tsinghua University PBC School of Finance sign Memorandum of Understanding

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Academy of Finance (AoF) and the Tsinghua University PBC School of Finance (Tsinghua PBCSF) today (January 30) signed a Memorandum of Understanding (MoU) in Hong Kong to establish a formal framework for fostering collaboration on research, knowledge exchange and financial leadership development.

The MoU outlines potential areas of collaboration between the AoF, including its research arm, the Hong Kong Institute for Monetary and Financial Research, and the Tsinghua PBCSF. Both sides plan to promote exchanges through various initiatives, including mutual visits of faculty members, scholars, and participants of financial leadership programmes; organisation of activities, seminars and academic conferences; collaboration on research and development projects in areas of common interest; and support for initiatives that are conducive to reinforcing Hong Kong's status as an international financial centre.

The Chief Executive Officer of the AoF, Mr Enoch Fung,said, "The AoF has previously collaborated with Tsinghua PBCSF on multiple conferences and events with highly positive outcomes. The MoU will facilitate the AoF to expand its network on the Chinese Mainland, further reinforcing its status as a centre of excellence for developing financial leadership and a repository of knowledge in monetary and financial research."

The Dean of the Tsinghua PBCSF, Mr Jiao Jie,added, "We are delighted to deepen and widen our partnership with the AoF. We look forward to more collaborations in nurturing international financial talents, global financial policies, cutting-edge research and implementation in financial technology, and fostering a vibrant fintech ecosystem."

About the Hong Kong Academy of Finance

The AoF is set up with full collaboration amongst the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. The mission of the AoF is to serve as a centre of excellence for developing financial leadership and a repository of knowledge in monetary and financial research, including applied research.

About the Tsinghua University PBC School of Finance

Tsinghua PBCSF, established on the foundation of the Graduate School of the People's Bank of China and leveraging the century-old educational resources of Tsinghua University, is committed to cultivating high-level, innovative, and international financial talents.

Hong Kong Academy of Finance and Tsinghua University PBC School of Finance sign Memorandum of Understanding Source: HKSAR Government Press Releases

Hong Kong Customs raids three suspected illicit cigarette sales outlets

Hong Kong Customs mounted an anti-illicit cigarette enforcement operation for two consecutive days (January 29 and 30) and raided three suspected illicit cigarette sales outlets, which were three stores located in Sheung Shui, Kwai Chung and Chai Wan, seizing a total of about 13 000 suspected illicit cigarettes with an estimated market value of about $58,000 and a duty potential of about $43,000. Three persons were arrested.

According to the amended Dutiable Commodities Ordinance (DCO), cigarettes sold at a price lower than the tobacco duty must be proven to be duty-paid, otherwise the cigarettes are presumed to be duty-not-paid.

After the amended DCO took effect, Customs has been closely monitoring the market situation and stepping up patrols in various districts. Noting that there were still cigarette sales outlets selling cigarettes at a price lower than the tobacco duty, Customs officers took enforcement actions and seized the batch of suspected illicit cigarettes in the abovementioned stores. Two women and one man, comprising two salespersons and one shop owner, aged between 37 and 75, were arrested.

Customs appeals to retailers not to sell cigarettes of unknown sources. They must stay vigilant against cigarettes with a wholesale price lower than the tobacco duty in order to avoid criminal liability.

Customs reminds retailers and members of the public that under the DCO, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Hong Kong Customs raids three suspected illicit cigarette sales outlets Source: HKSAR Government Press Releases

Hong Kong Customs raids three suspected illicit cigarette sales outlets Source: HKSAR Government Press Releases

Hong Kong Customs raids three suspected illicit cigarette sales outlets Source: HKSAR Government Press Releases