Hong Kong seeks faster freezing of scam-linked accounts

Hong Kong police are working with the city's central bank to freeze scam-linked bank accounts more quickly. This is part of an effort to combat fraudulent activities and prevent scammers from moving money out of the city swiftly. The Hong Kong Monetary Authority (HKMA) and local law enforcement have been discussing options with banks. They are exploring how to improve the process of freezing accounts connected to scams. There is a trial run currently taking place, but it is at an early stage. Changes to the law may be needed, and officials want to ensure Hong Kong remains an international finance center. The HKMA has confirmed it is in close communication with banks and other stakeholders about fighting fraud. However, the organization did not provide detailed information about their plans. Recent data shows there were 3,149 reported scam cases in January. This is a 2.7 percent decrease compared to the same month last year, but an 11.8 percent increase from January 2023.