The lack of a mechanism in Hong Kong to extradite suspects to other parts of China was cited as an obstacle to tackling money laundering and terrorism financing by an international monitoring group on Wednesday, the same day Hong Kong's government officially withdrew a controversial bill that hoped to solve the problem.
FATF noted, however, that informal law enforcement co-operation was robust and"partially mitigates the legal shortcomings, particularly in view of the differences between the legal systems of other parts of China and [Hong Kong]." Carrie Lam, Hong Kong's chief executive, had said as the protests grew that the bill was being put aside. She announced on Wednesday that the bill would be officially withdrawn.
Overall, FATF found that Hong Kong has a"sound regime to fight money laundering and terrorist financing that is delivering good results", though it also noted a number of areas where work was required.
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