Hong Kong Customs seizes suspected crack cocaine worth about $1.9 million
Hong Kong Customs yesterday (November 27) seized about 1.8 kilograms of suspected crack cocaine with a total estimated market value of about $1.9 million in Tsing Yi. A 41-year-old man was arrested.
During an anti-narcotics operation conducted in Tsing Yi last night, Customs officers intercepted a suspicious man and seized about 400 grams of suspected crack cocaine in a plastic bag found in his possession. The man was subsequently arrested. Customs officers later escorted him to a residential premises nearby for a search and further seized about 1.4kg of suspected crack cocaine and a batch of suspected drug manufacturing and packaging paraphernalia.
The arrestee has been charged with two counts of trafficking in a dangerous drug and will appear at the West Kowloon Magistrates' Courts tomorrow (November 29).
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Members of the public may report any suspected drug trafficking 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).
Hong Kong Customs seizes suspected crack cocaine worth about $1.9 million Source: HKSAR Government Press Releases
HKMA welcomes launch of HKUST's InvestLM Generative A.I. Platform
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) welcomes the launch of the InvestLM Generative A.I. Platform announced today (November 28) by the School of Business and Management of the Hong Kong University of Science and Technology (HKUST Business School) (Note 1). This innovative platform aims to support the local financial services industry, particularly small-to-medium financial institutions, in harnessing the potential of Generative Artificial Intelligence (GenA.I.) technologies.
In line with the government's Policy Statement on Responsible Application of Artificial Intelligence in the Financial Market (Note 2), the HKMA adopts an interactive and iterative approach to promote Artificial Intelligence (AI) adoption by banks while understanding the potential challenges. The HKMA also encourages banks to explore the potential of GenA.I. with the new InvestLM Generative A.I. Platform, to help enhance operational efficiency and provide more tailored customer services. Furthermore, banks may consider exploring the possibility of further fine-tuning or adapting the underlying InvestLM model to suit the needs of specific banking operations, while establishing a robust set of guardrails to address the challenges arising from such fine-tuning processes.
The HKUST's InvestLM model will also be made available to banks through the GenA.I. Sandbox, a joint initiative of the HKMA and the Cyberport (Note 3). In addition to providing a risk-managed framework for banks to pilot novel GenA.I. use cases, the GenA.I. Sandbox offers the necessary technical resources and targeted supervisory feedback for banks to explore additional avenues to test or even further fine-tune the InvestLM model. During the fine-tuning process, banks can also benefit from the vast experience of the research team at the HKUST Business School in addressing common challenges related to similar GenA.I. models, such as bias and hallucination risks.
Deputy Chief Executive of the HKMA Mr Arthur Yuen said, "Our GenA.I. Sandbox serves as a crucial testing ground where banks can safely explore and validate novel AI applications. By integrating the HKUST's InvestLM model, a home-grown innovation, into this controlled environment, we are offering banks a wider range of avenues in developing their GenA.I. use cases while identifying appropriate safeguards. The latest collaboration with the HKUST Business School reflects another milestone of our continuing efforts to drive responsible A.I. adoption in Hong Kong's financial sector."
Note 1: Press Release: HKUST's InvestLM Generative AI Platform Launches to Support Financial SMEs Harnessing the Potential of AI Technology (November 28, 2024)
Note 2:Hong Kong Special Administrative Region Government issues Policy Statement on Responsible Application of Artificial Intelligence in the Financial Market(October 28, 2024)
Note 3:Press Release: HKMA and Cyberport Launch GenA.I. Sandbox to Bolster A.I. Adoption in Financial Sector (August 13, 2024)
