International anti-money laundering groups have praised Hong Kong's work against the crime and counter terrorist-financing regimes.

The comments were made in an evaluation report published today by the Financial Action Task Force on Money Laundering, and the Asia-Pacific Group on Money Laundering.

The report commended Hong Kong for its good legal structure and conviction rate for money laundering offences, clear and broad obligations for reporting suspicious transactions and strong law enforcement.

It said the city's supervisory regime over the banking, securities and insurance sectors is effective with comprehensive obligations and a broad range of sanctions, along with proactive and effective outreach to the private sector and international co-operation.

Hong Kong's formation of the Central Co-ordinating Committee on Anti-Money Laundering & Counter Financing of Terrorism chaired by the Financial Secretary was also a welcome development, it said.

On the report's suggestions for further improvements, the Government said it will formulate legislative proposals for the financial sector and the designated non-financial sectors, enhance regulation of remittance agents and moneychangers, and consult the industry.

As a taskforce member, Hong Kong is obliged to adopt the 40 recommendations for fighting money laundering and the nine special recommendations for combating financing of terrorism.

To see the report visit the taskforce website.