Policy Address

Control of the Mandatory Provident Fund (MPF)

31.        Protecting investors aside, our priority task in enhancing Hong Kong's status as a global financial centre is to increase the competitiveness of our financial sector.  To promote market competition and encourage employees to take a more active interest in their MPF investments, the Government will propose changes to the operational arrangements of the MPF system.  These changes will allow employees to transfer their contributions from an MPF scheme selected by their employers to a scheme of their own choice.  The Government is drafting legislation which we will introduce into this Council as early as possible.

Combating Money Laundering and Terrorist Financing

32.       To maintain a business and investment-friendly environment, Hong Kong must combat money laundering and terrorist financing effectively.  To better co-ordinate our strategies and policies, the Government set up the high-level Central Co-ordinating Committee on Anti-Money Laundering and Counter Financing of Terrorism.  The initial stage of work is to scrutinise the supervisory regimes adopted by individual financial sectors to combat money laundering and terrorist financing, with a view to drawing up legislative proposals.  Departments and organisations concerned will consult the industry on their recommendations.

 

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