News Centre

The Accounting and Financial Reporting Council (AFRC) welcomes and supports the HKSAR Government’s consultation on its proposal to enact legislation in fulfilment of Hong Kong’s constitutional duty under Article 23 of the Basic Law.

The proposed legislation will facilitate the work of financial regulators including the AFRC in enabling more effective regulation and ensuring compliance across all financial institutions and related activities.  It also provides clear directions for financial regulators to implement corresponding risk management frameworks to prevent disruption to the financial system and infrastructure caused by security-related risks such as cyberattacks, terrorism and money laundering.  This will protect and strengthen Hong Kong’s financial stability and resilience, thereby creating a stable environment for the development of Hong Kong’s economy and financial markets.

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