Mon. Mar 8th, 2021

When joining fundraising activities, the public should pay full attention to the organisers’ background, purpose and how the funds raised will be used, to avoid being abused by lawbreakers for unlawful activities.

Secretary for Financial Services & the Treasury Christopher Hui made the appeal when answering lawmakers’ questions in the Legislative Council today.

Mr Hui emphasised that special attention should be paid to the details of fundraising events conducted through online platforms, adding that relevant departments will continue their public education efforts in this regard.

Responding to a question on whether the Government has considered regulating fundraising activities online, Mr Hui explained that while the regulations on fundraising activities and platforms in other places may vary, regulatory requirements are generally based on the activity’s nature and use of funds collected, rather than fundraising means.

He stressed that the Government will continue to monitor and make reference to the latest development on the regulation of online fundraising activities in other places.

Mr Hui stated that regardless of whether the fundraising activities are online or held in public places, if it involves money laundering, fraud and other unlawful acts, relevant law enforcement agencies will conduct an investigation according to existing laws.

He added that, depending on the purposes and nature of the online fundraising activities by individuals or organisations, for example where it involves financial services-related activities such as an offer to the public to purchase securities or a lending element, they may already be subject to relevant regulation provisions.

By Bureau