New rules worry money changers

(Source: China Daily HK edition 10 JUL 2009 by Colleen Lee)

"HONG KONG: Some remittance agents and money changers agree that authorities should step up scrutiny of their transactions in principle but they fear losing customers who will balk at being asked to hand over personal data and verify their identities.

Mak Ping-sang, who runs the Sang Sang Money Exchange in Sha Tin, said he is afraid some customers may refuse to give personal particulars despite the new rules and turn to other shops instead. He predicted that tightening controls on remittance agents and money changers will have little effect on combating money laundering and terrorist financing, since crooks have other ways to launder their money

The government proposed to empower authorities to enter the premises of remittance agents and money changers to carry out routine inspections, checking books and records.

Mak contended the records are private and he questioned whether he should have to disclose all
information to inspectors.

He also added that if firms become liable to prosecution because they have failed to record some
transactions, many business owners will feel squeezed.

"Hong Kong will lose all its edge," he said. "It won't fit Hong Kong's status as an international city."

He also worried that some rules may be too stringent to be followed, said Mak..."

Sang Sang Money Exchange Ltd 1993
http://www.sangsang.com.hk/
http://www.sangsang.hk/