arthur yuen : regional approaches to global aml challenges speech by mr arthur yuen, deputy chief executive of the hong kong monetary authority, at the association of certified anti - money laundering specialists ( acams ) 10th annual aml & amp ; financial crime conference, hong kong, 23 april 2018. * * * good morning ladies and gentlemen, 1. i am very honoured to be here today addressing such a distinguished audience. i would like to in particular thank acams for your kind invitation, and for arranging this great event in hong kong. the topic for this event is very dear to my heart, since i have been closely involved in work that aims at enhancing the framework for countering money laundering and the financing of terrorism for almost 20 years as a banking supervisor. indeed, tackling ml / tf is a core supervisory priority for the hong kong monetary authority ( hkma ) in recent years, and so i am very delighted to have this opportunity to open the conference and meet so many professionals here to discuss how best to respond to some of the challenges posed to us by those who seek to abuse our highly efficient and international banking and payment systems. 2. from my perspective as a banking supervisor, everyone here - irrespective of your sector, experience and the jurisdiction that you work in - we all have an important role in combatting financial crime. governments need your support in so many ways - in implementing relevant policies, in submitting suspicious transaction reports and sharing intelligence, to name just a few. and these are all important elements in achieving our objectives. 3. and talking about objectives, this is definitely something worth reiterating and reinforcing at the start of this conference. this is because there ’ s always a danger, when we ’ re up to our neck in discussions around compliance, policy developments and technology, so much so that we may tend to forget what aml is all about basically. so let ’ s be clear about this upfront. ml and tf are crimes. and they facilitate other crimes - fraud, tax evasion, trafficking in drugs and people, and of course, terrorism. these crimes have economic and social effects that are far - reaching and often very nasty ones. they also generate financial flows – in fact significant financial flows - that divert resources away from economically and socially - productive uses. but more importantly, people get hurt. victims, who are often from the more vulnerable segments in our societies, have their life savings stolen by fraudsters,

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