Police granted HK$700m to develop a financial data analytic platform
Police was granted about HK$700 million by the Legislative Council to develop a financial data analytic platform on Friday, which helps officers combat illegal financing activities.
The police explained that the platform will assist in expediting the processing of suspicious transaction reports.
It could also perform sophisticated intelligence cultivation work and produce value-added analyses of strategic value through closer interface with the databases or systems of other government sectors, while capitalizing on intelligence obtained from additional information sources.
The force added that Hong Kong, as an international financial center, is facing various challenges brought by a fast-evolving financial landscape. Financial crimes have become increasingly complex and diverse.
Criminals engaging in money laundering or terrorist financing activities use advanced techniques to disguise funds obtained from illegal activities such as drug trafficking, corruption, tax evasion and fraud, and in particular higher-end crimes involving professional syndicates operating across borders.
It also pointed out that it is important for the Joint Financial Intelligence Unit, involving officers from police and customs, to be equipped with a sophisticated IT infrastructure, which leveraged on advanced technologies and data analytics solutions, like big data analytics and artificial intelligence.