services. that has also allowed banks and other financial institutions to protect their workforces through work - from - home arrangements, and provided data analytics to raise red flags on networks of covid - 19 fraud accounts. at the hkma, we are committed to supporting innovation that works for all types of customers and for both small and large institutions. we also recognise that our regulatory framework needs to keep pace – focusing on outcomes, and being forward - looking. it is therefore not surprising to see that our fintech supervisory sandbox and chatroom have seen high levels of demand for early supervisory engagement on potential use cases. 7. second, public – private partnerships between law enforcement agencies, regulators and financial institutions exhibited a remarkable growth in the last three years, including in hong kong. that brought about clear improvements to our ability to identify and disrupt financial crime. let me give you some idea of the results that the partnership in hong kong is capable of delivering. since its launch in 2017, actions taken by banks through the fraud and money laundering intelligence taskforce ( fmlit ) have led to hk $ 692 million being restrained or confiscated – that is the proceeds of financial crime, investment scams, fraud 1 / 5 bis central bankers'speeches and other serious crimes. 8. and thirdly, there has been an increasing cultural change in the banks that we supervise – a move away from an overarching desire to simply “ tick the boxes ”. aml work is now increasingly viewed as more of a multi - dimensional activity, to which the understanding of risks – both current and future – is central and fundamental. there is a much broader acceptance that it is this understanding of the risks which then determines which tools to use, and which tools to develop for possible future use, in order to tackle new and emerging threats. using effective tools in turn helps focus our limited resources on the highest risks, and coordinate the public and private sectors to work together to achieve the best outcomes. 9. so all those three elements i spoke about three years ago have seen impressive progress, particularly with how the aml eco - system has responded to the challenges that covid - 19 has brought, across all sectors and all regions. perhaps it will also be helpful for me to refer to a few practical examples here. 10. first, on covid - 19 scams, those cases have had economic and social effects that are farreaching and often very nasty. much - needed funds have been diverted away from government efforts to contain

peter pang : launch of the new cross - border collateral management service remarks by mr peter pang, deputy chief executive of the hong kong monetary, at the cross - border collateral management service signing ceremony and press conference, hong kong, 20 june 2012. * * * mr. grimonpont, mr. bhatia, ladies and gentlemen, good afternoon. it is my pleasure to welcome you to this signing ceremony. the bilateral agreements that i shall sign on behalf of the hong kong monetary authority with the euroclear bank and j. p. morgan today will pave the way for the launch of the new cross - border collateral management service, a critical building block of the cross - border bond investment and settlement platform launched in march 2012. the new service, which will commence on 25 june, will bring significant benefits to the contracting partners and the money market as a whole. for hong kong, it will advance the development of our repo market, enhance the stability of our financial system and strengthen further hong kong ’ s role as the global hub for offshore renminbi business. the repo market is a key component of major international financial centres. it serves as the link between the money and capital markets, and is vital to the well functioning of the financing channels. by providing credit enhancement through the use of securities as collateral, the repo market also serves as the lubricant that keeps the financial engine running particularly during times of risk aversion. the new collateral management service, with its cross - border, cross - system, cross - time zone and cross - currency capabilities, will provide an efficient repo infrastructure that will help develop the repo market in hong kong. the importance of the repo market as a financing channel has assumed added prominence since the outbreak of the global financial crisis in 2008. due to a combination of the large inflows of funds into hong kong in late 2008 and early 2009 and heightened risk aversion, the interbank money market has been less active in recent years and financial institutions have been more careful in lending funds to each other on an uncollateralized basis. the average daily turnover of the uncollateralized interbank market has dropped significantly, by 71 % from hk $ 286 billion in november 2007 to hk $ 83 billion in march 2012. the higher frequency of flight to quality, and resultant tightness in the global supply of us dollar, has also affected turnover in the currency swap market. the average daily turnover of