Hong Kong's Financial Services and the Treasury Bureau welcomes passage of law creating voluntary bank and law enforcement account information sharing mechanism

Hong Kong's Financial Services and the Treasury Bureau welcomed the Legislative Council’s passage of the Banking (Amendment) Bill 2025, which establishes a voluntary mechanism for banks and relevant law enforcement agencies to share account information under specified conditions to improve the detection and prevention of financial crime. Under the new framework, banks and relevant law enforcement agencies may share information on corporate and individual accounts swiftly and securely via electronic means through platforms designated by the Hong Kong Monetary Authority when a bank becomes aware of suspected prohibited conduct, namely money laundering, terrorist financing or financing of proliferation of weapons of mass destruction. The ordinance also provides legal protection for banks that disclose relevant information, with the mechanism intended to support faster interception of illicit funds and more efficient intelligence gathering to address fraud and associated money laundering. The ordinance will come into effect in 2025, with the commencement date to be announced separately. The Hong Kong Monetary Authority plans preparation work with the Hong Kong Police Force and the banking sector, including system upgrades and practical guidelines, with a view to implementation as soon as practicable.