YDC Welcomes Chief Executive's 2024 Youth Development Initiatives in Policy Address

Youth Development Commission welcomes initiatives on youth development announced in "The Chief Executive's 2024 Policy Address"

The following is issued on behalf of the Youth Development Commission:

The Youth Development Commission (YDC) warmly welcomed the policy initiatives on supporting youth development in "The Chief Executive’s 2024 Policy Address" delivered by the Chief Executive, Mr John Lee, today (October 16).

The Vice-Chairman of the YDC, Mr Kenneth Leung, said, "I strongly endorse the expansion of the Youth Hostel Scheme in the past two years mentioned in the Policy Address, which responds to our young people's aspiration to have their own living space. I also support the setting up of different youth facilities at the Kai Tak Community Isolation Facility, the Nam Cheong District Community Centre and Youth Square to provide more physical spaces for young people to engage in mutual exchange and develop individual potential. These initiatives demonstrate the Government's determination to support youth development in the long term. I am also pleased to note that the Policy Address has put forward measures of various areas that could benefit young people, in particular helping young people to overcome hurdles in education, employment, entrepreneurship and home ownership, and also assist them to realise their life planning and seize national development opportunities."

He expressed appreciation of the Government's acceptance of suggestions raised by members of the YDC, and said that the YDC would continue to work proactively and closely with the Government and different sectors of society to follow up on the implementation of relevant policy initiatives in the Policy Address and the Youth Development Blueprint to promote youth development on all fronts.

Chaired by the Chief Secretary for Administration, Mr Chan Kwok-ki, the YDC strives to enhance policy co-ordination within the Government for promoting youth development and enable a more holistic and effective examination of and discussion on issues of concern to young people. Since its establishment, the YDC has implemented a wide spectrum of programmes to promote youth exchanges, internship, entrepreneurship, life planning, positive thinking and more. It has also actively supported the Government in formulating and implementing the Youth Development Blueprint to promote the all-round development of young people and nurture a new generation of young people with an affection forthe country and Hong Kong, and are equipped with a global perspective, an aspiring mindset and positive thinking.

Hong Kong Customs detects money laundering case involving about $1.6 billion

Hong Kong Customs mounted an operation codenamed "Spark II" yesterday and today (October 15 and 16). Five local men, aged between 34 and 71, were arrested for conspiracy or aiding to "deal with property known or reasonably believed to represent proceeds of an indictable offence" (commonly known as money laundering) under the Organized and Serious Crimes Ordinance (OSCO). They included a former compliance officer and a company secretary of a money changer, a bank staff member and former company directors. The total amount involved was about $1.6 billion.

In October last year, Customs mounted an operation codenamed "Spark" and cracked down on a money changer suspected of money laundering in which the compliance officer laundered about $600 million from unknown sources by setting up a shell company. After an in-depth follow-up investigation, it was further found that the compliance officer manipulated two other shell companies and opened a total of 23 accounts at a number of local banks to deal with over 4 000 suspicious transactions since 2020. Meanwhile, the investigation also found that a bank staff member was suspected of assisting the relevant arrested persons to evade the bank’s monitoring of customers’ transactions.

During the operation, a number of mobile phones were seized and the five persons who were suspected of assisting in dealing with the suspected crime proceeds in the accounts were arrested.

The investigation is ongoing. All arrested persons have been released on bail pending further investigation, and the likelihood of further arrests is not ruled out.

Customs reminds members of the public that they risk committing the crime of money laundering if they use bank accounts to assist in dealing with money from unknown sources, regardless of whether a monetary reward is involved.

Under the OSCO, a person commits an offence if he or she deals with any property knowing or having reasonable grounds to believe that such property, in whole or in part, directly or indirectly represents any person's proceeds of an indictable offence. The maximum penalty upon conviction is a fine of $5 million and imprisonment for 14 years while the crime proceeds are also subject to confiscation.

Members of the public may report any suspected money laundering activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/).