2023-10-26

Around 30 managerial staff from more than 28 insurance companies completed the ICAC's two-day Professional Anti-Corruption Training for Management in Insurance Sector and witnessed the signing of a Memorandum of Understanding (MoU) between the Commission and the Insurance Authority (IA), which formally establish and further strengthen collaboration of the two parties.

Speaking at the closing ceremony of the training programme today (October 26), ICAC Commissioner Woo Ying-ming noted that the course was designed to equip senior management of insurance companies for their roles in enhancing integrity management in the industry.

“The insurance industry accounts for four per cent of Hong Kong's GDP, reflecting its importance for Hong Kong as an international financial centre and risk management centre. As such, the industry’s graft fighting capacity is key to maintaining its competitive edge and sustaining Hong Kong's status as an international financial centre. Through this programme, the ICAC aims to further enhance the industry's anti-corruption awareness in order to create a cleaner as well as more transparent and effective financial system, so that Hong Kong could seamlessly integrate into the national development,” said Mr Woo.


Mr Woo also noted that the Chief Executive had just announced in his Policy Address on Wednesday (October 25) that the ICAC would establish the Hong Kong International Academy Against Corruption (the Academy) in the first quarter of next year to provide professional anti-corruption training courses for graft fighters around the world as well as local public and private organisations. The Professional Anti-Corruption Training for Management in Insurance Sector was one of the pilot courses. The Academy had earlier organized professional trainings for the local banking industry as well as countries in the Belt and Road region. The ICAC hoped with the establishment of the Academy, Hong Kong would turn into an international platform for anti-graft information exchanges and continue to contribute to the global anti-corruption cause, Mr Woo added.

Mr Chan Kin-por, Executive Council Member cum Legislative Council member (Functional Constituency, Insurance) who officiated at today’s ceremony, noted that participants gained a lot from the ICAC course which placed an emphasis on interactive exchanges. “Insurance is a pledge, and a clean business environment and integrity management are essential requirements for the industry. As more customers from the Greater Bay Area came to Hong Kong to purchase insurance products in recent years, their trust in the local insurance sector has become all the more important. It is the responsibility of all insurance practitioners to uphold Hong Kong’s good reputation as a city of probity,” Mr Chan said.

The ICAC’s training programme featured sharing by senior investigators on the recent corruption trend in the insurance sector. Common modus operandi and ways to detect related offences were examined through in-depth analysis of case scenario adapted from ICAC investigations in recent years. Meanwhile, officers from the Corruption Prevention Department discussed best practices to minimise corruption risks at source and highlighted corruption prevention recommendations, while officers from the Community Relations Department shared with participants the importance of establishing a probity culture and introduced the ICAC’s training resources and related support.

The training course had the full support of the IA. Mr Peter Gregoire, IA's Head of Market Conduct and General Counsel, addressed the course as a guest speaker and shared with participants anti-corruption measures from a regulatory body's perspective.

Participants today also witnessed the signing of a MoU by the Deputy ICAC Commissioner cum the Head of Operations Ricky Yau Shu-chun and the IA Chief Executive Officer Mr Clement Cheung Wan-ching. The MoU sets to affirm and enhance cooperation between the two organisations in the fight against corruption and related crimes and irregularities.

Mr Yau said the MoU was of significant importance. “It marks a new cooperation framework and sets to enhance the arrangements in various aspects including case referrals, joint investigations, information sharing, as well as enforcement and supervisory capacity building, thereby amplifying the synergy that we share. It also signifies a closer tie between the ICAC and the IA. Apart from demonstrating our shared determination to uphold integrity in the industry, it will also boost stakeholders’ confidence and establish a fair, just and transparent environment for business operations, which will be conducive to the steady and sustainable development of the industry as a whole,” Mr Yau added.

“There are currently 164 authorised insurers and over 110,000 registered insurance intermediaries in Hong Kong which are important pillars of the financial system. Insurance is also a commitment which embodies important social value by enabling members of the public and enterprises to manage their risks effectively. The IA will join hands with the ICAC to combat corruption crimes for safeguarding policy holders’ interests,” said Mr Cheung.