2021 Guangdong-Hong Kong-Macao Greater Bay Area Anti-Money Laundering Forum
On the afternoon of October 29, 2021, Prof. Tao Yitao (Director of the China Center for Special Economic Zone Research, Shenzhen University and President of the Belt and Road Research Institute (Shenzhen) for International Cooperation and Development) was invited by Ping An Group of China to attend and deliver a keynote speech at the 2021 Guangdong-Hong Kong-Macao Greater Bay Area Anti-Money Laundering Forum.
Sponsored by Ping An Insurance (Group) Company of China, Ltd., the Forum invited more than 220 participants from relevant departments, financial institutions and scholars from colleges and universities, including leaders from the Anti-Money Laundering Bureau of the People’s Bank of China, the Anti-Money Laundering Monitoring and Analysis Center of the People's Bank of China, local financial offices, the China Banking Regulatory Commission (CBRC), China Insurance Regulatory Commission (CIRC), China Securities Regulatory Commission (CSRC), the Financial Services and the Treasury Bureau of Hong Kong, the Financial Services Development Council of Hong Kong, the Financial Intelligence and Investigation Bureau of Hong Kong, the Financial Intelligence Office of Macao, the Monetary Authority of Macao, and various industry associations of Guangdong, Hong Kong and Macao Among those who delivered opening speeches include: leader from the Anti-Money Laundering Bureau of the People’s Bank of China, leader from the China Anti-Money Laundering Monitoring and Analysis Center, Liu Kaiwen (Secondary Inspector of Guangdong Local Financial Regulatory Bureau), Xiao Zhijia (Secondary Inspector of Shenzhen Local Financial Regulatory Bureau), Chan Ho-lim (Deputy Secretary of the Financial Services and the Treasury Bureau of Hong Kong), Zhu Wanyi (Director of the Financial Intelligence Office of Macao), Zhang Xiaolu (Head of Compliance and Chief Risk Officer of Ping An Group) and Zheng Xiaolong (Vice President of China Guangfa Bank)
Prof. Tao Yitao delivered a speech in the session of “Discussion on Money Laundering Risk Management Practice in Guangdong, Hong Kong and Macao Greater Bay Area”, and made a detailed analysis on how to improve the effectiveness of anti-money laundering (AML) of financial institutions from the perspective of “why money laundering exists in the paradox of people’s perception of common sense”, emphatically pointing out that the government’s public choice behavior is the fundamental guarantee of AML.
Prof. Tao believes that in the long run, the most critical issue is to reduce the cost and increasing the benefits of AML for banks in terms of system and mechanism settings. Although politics is the highest embodiment of economics, economic problems must also be solved by economic means. Just as greed cannot be curbed by eliminating currency, but by increasing or raising the cost and price of greed, thus making greedy behaviors unprofitable.
Prof. Tao proposed that first, the essence of money lies in sharing rather than owning, and the power of the system and the law should be used to make the money launderers who have fantasy about money dig their own graves. Second, giving up without arduous efforts is cowardly; complying without comparison is hypocritical. Learning from advanced systems is an important way for us to reduce cognitive costs and improve the effectiveness of AML. Third, people are born free, but are always trapped in shackles. Those who want to be masters of everything often end up becoming slaves. The purpose of AML is to make lawbreakers slaves to the law and in return live a free and prosperous society.
Prof. Tao Yitao’s speech was highly praised and recognized by the whole audience, and it was agreed that Prof. Tao’s substantial and vivid speech not only enlightened the leaders and entrepreneurs on the spot, but also provided reference ideas and insights for further helping build the Greater Bay Area.
