2024-3-13

The ICAC’s newly-established Hong Kong International Academy Against Corruption (HKIAAC) today (March 13) held the closing ceremony of its Training on Joint Operations Against Financial Crime. It marked the conclusion of ICAC’s first joint training course with three local financial regulators with which the Commission had signed a Memorandum of Understanding (MoU), showcasing the determination and concerted efforts of all parties in regulating the financial market and fighting corruption in the sector.

In recent years, the ICAC had strived to forge stronger collaborations with various financial regulators. MoUs were signed with the Securities and Futures Commission (SFC), the Accounting and Financial Reporting Council (AFRC) and the Insurance Authority (IA) respectively to strengthen cooperation in referral of cases, joint investigations, training, exchange of information, etc. Based on their respective purview, expertise and experience, the four agencies created the synergies to combat corruption and irregularities in the financial market.

The three-day Training on Joint Operations Against Financial Crime, attended by 34 officers from the ICAC, SFC, AFRC and IA, was the first professional training course for participants from local law enforcement and regulatory institutions organised by the HKIAAC since its establishment.

Speaking at today’s ceremony, ICAC Commissioner Mr Woo Ying-ming expressed his gratitude to the SFC, AFRC and IA for their support to the course. “By leveraging Hong Kong’s unique advantage of strong support from the Mainland and extensive global connections under the ‘One Country, Two Systems’ framework, close collaboration of the four agencies in combating financial crimes would help sustain the city’s reputation as a clean international financial centre,” Mr Woo noted.

Mr Woo added that the highlight of the course was a simulated enforcement jointly carried out by officers of the four agencies. Through the training, participants were given the opportunity to sharpen their overall enforcement skills, including planning an operation, making arrests, conducting searches and giving evidence in court, paving the way for stronger collaboration in future joint operations.

The course focused on practicality. Other than the joint operation training, the course also featured real case studies and sharing by ICAC investigating officers. Veteran speakers from the SFC, AFRC and IA also briefed participants on the latest development of the financial sector and the trend of related crimes.

SFC Chief Executive Officer Ms Julia Leung Fung-yee said: “During the three-day joint training, we gained valuable knowledge and experience from each other and strengthened the collaboration between the four agencies. We have also demonstrated our determination to safeguard market integrity and our readiness to bring together our regulatory tools and investigative powers to conduct joint operations.”

AFRC Chairman Dr Kelvin Wong Tin-yau said: “On behalf of the AFRC, I would like to express my sincere gratitude to the ICAC for arranging the joint training course and sharing their valuable experience. This initiative has enabled regulators from different disciplines to share experiences and enhance their capabilities amidst a rapidly evolving financial environment. The AFRC is entrusted with the crucial task of safeguarding the quality of financial reporting and auditing. Our staff are committed to continually enriching their professional knowledge and skills, ensuring the effective discharge of our regulatory responsibilities to maintain the integrity of and confidence in the financial market and safeguard the public interest.”

“The IA appreciates the HKIAAC’s dedicated efforts. I am sure all participating IA colleagues and officers from the other two financial regulators have benefitted greatly from the training. The IA will continue to work closely with the ICAC in areas such as investigation and enforcement, with an aim to uphold integrity within the Hong Kong financial industry and safeguard policy holders’ interests,” said IA Chief Executive Officer Mr Clement Cheung.

Following the signing of MoUs with the SFC, AFRC and IA respectively in 2019, 2021 and 2023, the ICAC had conducted a number of joint operations with the three institutions to combat corruption and irregularities in the financial market.