Money Services Advice Issued

Secretary for Financial Services & the Treasury James Lau today reminded the public to engage only licensed money service operators (MSOs) and stay vigilant to the laws and regulations of other jurisdictions when remitting money to prevent any loss.

Mr Lau told lawmakers at the Legislative Council that from 2016 to 2018, the Customs & Excise Department received a total of 37 complaints relating to MSOs, 18 of which incuded the failure to complete remittance transactions after the operators received funds from their customers.

He noted that from January to April, two operators were arrested for suspected Trade Descriptions Ordinance contravention and theft, and their licences have been suspended pending investigation.

During the same period, Customs suspended or revoked the licences of another five operators for various other reasons.

Meanwhile, Mr Lau said that the Monetary Authority attaches importance to the accessibility of financial and banking services to Hong Kong residents on the Mainland.

“The authority maintains liaison with Mainland authorities on issues relating to payment, account opening, wealth management, and remittance, while measures of financial facilitation are introduced accordingly.”

He also stated the authority will follow up with Mainland authorities on arrangements to remit renminbi having regard to the local situation.