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Following is the transcript (English portion) of a media session by the Financial Secretary, Mr Henry Tang, after attending a luncheon organised by the Federation of Hong Kong Industries today (August 22):
Reporter: Mr Tang, how would you address the issue of money laundering in Hong Kong. And when do you expect Hong Kong to get out of deflation?
FS: It is very hard for me to predict when we will get out of deflation, because we are in a fairly deep deflationary cycle, so even if deflation were to ease, it may take a while before we are out of it.
As far as money laundering is concerned, we have adequate laws, and we are serious about fighting money laundering. We have won respect worldwide for our efforts and for the way we treat money laundering. We will not tolerate money laundering in Hong Kong.
Reporter: What are the measures being drawn up to prevent the Mainland tourists from doing so in Hong Kong?
FS: I don't believe the average Mainland tourists are actually laundering money. They are bringing money to spend in Hong Kong. We welcome the tourists to come to Hong Kong to spend, to consume. We encourage them to respect their local laws, whether they are from the Mainland or whether they are from other countries that have currency controls. We encourage them to respect their domestic laws. But I also understand that the Mainland is considering a relaxation of how much they can bring from the Mainland. We of course welcome such moves.
(Please also refer to the Chinese portion of the transcript)
End/Friday, August 22, 2003
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