Hong Kong announces coalition to fight money laundering, regulate financial technology

May 11, 2018 9:27 AM

A Hong Kong based voluntary consortium backed by regulators, former central bankers and government officials has announced a coalition to fight money laundering and regulate the fast-growing financial technology space across Asia, local media report.

The meeting, announcing the alliance, featured government representatives from countries including China, the Philippines, Thailand and Cambodia. The group seeks to provide an information exchange platform citing rapidly evolving technology making it harder for law enforcement to regulate illegal money movement.

China has fought to curb capital outflows for many years, largely from the country’s special administrative regions of Hong Kong and Macau. Macau, the world’s largest gambling hub, has already begun to use facial recognition technology at ATMs to target the illicit outflows from Mainland China.