City of secrets: Drugs, money and the law in Hong Kong |
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Authors: | Mark S Gaylord |
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Institution: | (1) Department of Sociology, City University of, Hong Kong |
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Abstract: | This paper describes Hong Kong's first successful money laundering case, including the key role played by the local subsidiary
of the now-defunct Bank of Credit and Commerce International (BCCI). Hong Kong is revealed to be the organizational and financial
linchpin of a heroin smuggling syndicate stretching from Southeast Asia's Golden Triangle to New York City. In addition, the
paper analyzes the development of anti-money laundering legislation in Hong Kong and evaluates the former British colony's
prospects for remaining East Asia's premier offshore finance center following the territory's return to Chinese sovereignty
on July 1, 1997.
This revised version was published online in August 2006 with corrections to the Cover Date. |
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