ICAC to boost professional ethics in financial and construction industries
2000-6-29
The Independent Commission Against Corruption (ICAC) is concerned about the recent increase in the number of corruption complaints in the financial and construction industries.
ICAC Commissioner Alan Lai Nin told a dinner gathering of the Chinese Manufacturers ’ Association of Hong Kong today (Thursday) that the Commission would work closely with these two important industries to bolster their management in ethics.
The ICAC would assist them in setting up effective monitoring systems, raising ethical awareness of industry practitioners and strengthening their ethical management.
In the first five months of this year, the ICAC received 76 corruption complaints concerning the financial industry, a rise of 19 percent over 64 reports in the same period last year. Reports relating to the construction industry totalled 84, up 27 perce nt over 66 cases in the same period last year.
Mr Lai said adequate monitoring mechanisms were already in place for the financial industry, however, it was important that continuous efforts be made to enhance professional ethics of industry practitioners, who are responsible for manning the systems.
He disclosed that the ICAC would produce a new videotape this summer for front-line members of the financial industry to train them on how to handle ethical dilemmas.
The videotape is part of a two-year joint project launched in 1998 by the ICAC, the Securities and Futures Commission and six professional bodies in the trade. Under the project, seminars were conducted and practical guidelines were drawn up for members o f the trade.
As for the construction industry, a dedicated task force set up recently within the ICAC will continue to draw up anti-corruption recommendations for the reform of the industry. The task force is also working with the Housing Department in reviewing the supervision of public housing sites.
A total of 450 anti-corruption seminars have so far been held for 9,000-plus site staff of a dozen major developers, in addition to tough enforcement action against corruption in the trade.
Mr Lai said in the first five months of the year, ICAC received 1,558 corruption complaints, a rise of 17 percent over the same period last year. Half of them concerned private organizations.
He stressed that corruption remained under control and there were no signs of a revival of syndicated corruption seen in the 60's and 70's.
" But the ICAC could not afford to be complacent. Corruption and fraudulent activities will flare up again once we loosen our grip, " he said.
Meanwhile, Mr Lai noted that liaison between ICAC and the Mainland had been stepping up in recent years. An ICAC delegation would visit Shanghai this summer to explore ways of cooperation in corruption prevention concerning the financial and construction industries.
With the Mainland ’ s accession to the World Trade Organisation and the world economy becoming more globalised, he said business ethics would become a common language in international trade.
Mr Lai said the ICAC would step up its efforts in helping the business community strengthen their monitoring system and ethics management to enhance Hong Kong's international competitiveness.
He called upon the business community to break away from the old concept that “ one should not wash one ’ s dirty linen in public ” and to report corruption.
ICAC Commissioner Alan Lai Nin told a dinner gathering of the Chinese Manufacturers ’ Association of Hong Kong today (Thursday) that the Commission would work closely with these two important industries to bolster their management in ethics.
The ICAC would assist them in setting up effective monitoring systems, raising ethical awareness of industry practitioners and strengthening their ethical management.
In the first five months of this year, the ICAC received 76 corruption complaints concerning the financial industry, a rise of 19 percent over 64 reports in the same period last year. Reports relating to the construction industry totalled 84, up 27 perce nt over 66 cases in the same period last year.
Mr Lai said adequate monitoring mechanisms were already in place for the financial industry, however, it was important that continuous efforts be made to enhance professional ethics of industry practitioners, who are responsible for manning the systems.
He disclosed that the ICAC would produce a new videotape this summer for front-line members of the financial industry to train them on how to handle ethical dilemmas.
The videotape is part of a two-year joint project launched in 1998 by the ICAC, the Securities and Futures Commission and six professional bodies in the trade. Under the project, seminars were conducted and practical guidelines were drawn up for members o f the trade.
As for the construction industry, a dedicated task force set up recently within the ICAC will continue to draw up anti-corruption recommendations for the reform of the industry. The task force is also working with the Housing Department in reviewing the supervision of public housing sites.
A total of 450 anti-corruption seminars have so far been held for 9,000-plus site staff of a dozen major developers, in addition to tough enforcement action against corruption in the trade.
Mr Lai said in the first five months of the year, ICAC received 1,558 corruption complaints, a rise of 17 percent over the same period last year. Half of them concerned private organizations.
He stressed that corruption remained under control and there were no signs of a revival of syndicated corruption seen in the 60's and 70's.
" But the ICAC could not afford to be complacent. Corruption and fraudulent activities will flare up again once we loosen our grip, " he said.
Meanwhile, Mr Lai noted that liaison between ICAC and the Mainland had been stepping up in recent years. An ICAC delegation would visit Shanghai this summer to explore ways of cooperation in corruption prevention concerning the financial and construction industries.
With the Mainland ’ s accession to the World Trade Organisation and the world economy becoming more globalised, he said business ethics would become a common language in international trade.
Mr Lai said the ICAC would step up its efforts in helping the business community strengthen their monitoring system and ethics management to enhance Hong Kong's international competitiveness.
He called upon the business community to break away from the old concept that “ one should not wash one ’ s dirty linen in public ” and to report corruption.