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2021 UPDATE | Hong Kong

2021 UPDATE | Hong Kong

by Starling Insights

Starling Insights Editorial Board

May 17, 2021

Compendium

Hong Kong faces many of the same challenges as do other major global financial markets, and this includes issues of misconduct. In January 2021, police arrested seven Hong Kong bankers on allegations of laundering HK$6.3 billion, or about $813 million, in criminal syndicate funds.1A case which the South China Morning Post calls the largest in a decade. In total, more than 10,000 Hong Kong bank accounts were used to collect and launder more than $1billion in 2020.2

However, Hong Kong financial institutions also faced unique challenges introduced by the complex geopolitical environment in which they operate. For example, demand for compliance staff increased by one-third in the three months preceding September 2020 as compared to the previous three-month period. Some say this is likely because they are determining how to stay in line with US sanctions while not violating national security law, as many firms operate in both environments.3

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