The second anniversary of the implementation of the National Security Law, the Department of Justice held a legal forum on the National Security Law today (28th).
In her speech, Secretary for Justice Zheng Ruohua said that the authorities will conduct research on legislation to regulate crowdfunding activities, with the purpose of preventing criminals from using crowdfunding in the name of charity to raise funds through crowdfunding to conduct illegal activities that endanger national security.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, said that the public will be consulted this year on whether to establish a license for crowdfunding platforms, disclose fundraisers, and establish a whistle-blowing system.
(From left) Chen Zhisi, Convenor of the Executive Council, Tam Wai-chu, Deputy Director of the Basic Law Committee, Financial Secretary Chen Mao-po, Chief Justice of the Court of Final Appeal, Zhang Jianneng, Deputy Political Commissar of the PLA Hong Kong Garrison, Wang Zhaobing, Chief Executive Carrie Lam Cheng Yuet-ngor, and Commissioner of the Ministry of Foreign Affairs in Hong Kong, Liu Guangyuan , Secretary for Justice Zheng Ruohua, President of the Legislative Council Leung Kwan-yin, former Deputy Director of the Basic Law Committee Leung Oisy and Police Commissioner Xiao Chak Yee attended the "Hong Kong National Security Law" legal forum.
(Office of the Chief Executive)
Zheng Ruohua says crowdfunding lawsuit is unnecessary
In her speech, Secretary for Justice Zheng Ruohua said that crowdfunding activities are closely related to economic security risks. Some criminals use crowdfunding to raise funds, which on the surface claim to be used for charity to fund litigation activities, but may actually be used to plan illegal acts that endanger national security.
She believes that there is already a legal aid system in Hong Kong, so there is no need to fight crowdfunding lawsuits. The government will conduct research on legislation to regulate crowdfunding.
The scope of the enquiry covers whether a licence or registration is required
The Secretary for Financial Services and the Treasury, Xu Zhengyu, also mentioned that the Treasury Bureau is considering legislation to regulate crowdfunding activities, to prevent and combat illegal activities that raise funds through crowdfunding and plan activities that endanger national security, and at the same time prevent illegal activities that have fled overseas. Molecular crowdfunding in Hong Kong.
He said that the Treasury Bureau will consult the public this year on whether crowdfunding platforms need to be licensed or registered, whether fundraisers need to make disclosures, and how to establish a reporting system for reporting suspicious transactions that endanger national security. .
Xu Zhengyu said in his speech that, as an international financial center, Hong Kong has been giving full play to the institutional advantages of "one country, two systems" since its return to the motherland. Because Hong Kong can invest in companies with development potential in the Mainland, it has attracted global financial institutions and investors to settle in Hong Kong, and Hong Kong has become a country that connects Chinese and foreign capital. It is a strategic channel and platform with unique functions to serve the country's financial needs.
However, under the ever-changing international situation, Hong Kong must constantly review financial security risks. The authorities will continue to strengthen and deepen response strategies and proactive defense. The content includes strengthening the radar ability to identify and respond to financial security risks, and reviewing various risks in the international financial market. In case of incidents, we should formulate a response plan as soon as possible, examine whether there are weaknesses in the financial system, and prevent criminals from using weaknesses to endanger national financial security.
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