Mr. Xavier Chan, Managing Partner of CWK Global, holds Certified Anti-Money Laundering Specialist (CAMS) and International Financial Crime Prevention Association (IFCPA) qualifications, and has been awarded by the United Nations Educational, Scientific and Cultural Organization as the world’s first anti-money laundering record holder. He was interviewed by Hong Kong Economic Journal on 26 July 2021, introducing what anti-money laundering (AML) work is and the future cooperation with the Customs and Excise Department.
In order to fight against money laundering (ML), focusing on educating the public the key concepts associated with AML rather than ramping up the AML supervision, would be much more effective because of the complexity of ML. Therefore, Mr. Xavier Chan, Chairman of CWK CPA Limited, founded the IFCPA. Beside emphasizing the importance of recruiting relevant talents to the banking, accounting and insurance industries, Mr. Chan will also promote amendments to the regulations as the Honorary President of the Hong Kong Customs and Excise Staff General Association, that is, the person in charge of the authorized currency exchange shops must obtain the “Money Laundering Reporting Officer” (MLRO) qualification, and make it compulsory for the industry to apply for and renew the license. In addition to implement the plan to the authorized currency exchange shops, Mr. Chan also expects to expand the scope to jewelry companies and finance companies . On the premise of implementing the above plan, together with the Hong Kong Monetary Authority’s establishment of a rigorous supervision and law enforcement system, the three goals of anti-money laundering work can be achieved: prevention, detection and enforcement.
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