At a time when financial crime undermines the integrity of the city-state, its central bank and regulator has united with several other organisations on a new initiative to stifle the flow of dirty cash.

A Hong Kong watchdog has joined forces with police, numerous banks and an industry body representing them in the city-state to launch a year-long pilot project that seeks to stymie financial crime and money laundering. 

The Hong Kong Monetary Authority, the Hong Kong Association of Banks, law enforcement and 10 banks including Standard Chartered, DBS and HSBC have launched the Fraud and Money Laundering intelligence Taskforce (FMLIT). 

The working group looks to “enhance the detection, prevention and disruption of serious financial crime and money laundering threats,” HKMA said in a statement last week.

Financial crime undermines the integrity of Hong Kong's economy and the financial institutions central to it, while fraud causes significant harm to companies and individuals, HKMA has said. 

A group comprising senior representatives from law enforcement, HKMA and the banking industry will oversee the taskforce's direction and its work. 

At the group's core will be the operations group, which unites government and industry intelligence professionals so they can work together to tackle financial crime and money laundering threats. 

“FMLIT reflects the determination of the government and the banking sector to work together in the global fight against serious financial crime and money laundering and safeguard Hong Kong’s reputation as one of the world’s leading financial centres and a safe place to conduct business,” HKMA said in a statement.