INSURANCE (AMENDMENT) BILL

2.22 pm

Order for Second Reading read.

The Minister for Finance (Dr Richard Hu Tsu Tau): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

The Bill seeks specifically to introduce provisions to facilitate investigations into suspected drug money laundering activities. The new provisions are complementary to those in the Drug Trafficking (Confiscation of Benefits) Act, which allows the investigation, tracing, freezing and seizure of proceeds from drug trafficking and provides legal assistance to foreign Government enforcement agencies on fulfilment of certain conditions.

The new provisions in the Bill would facilitate applications for production orders and granting of mutual assistance to foreign government agencies where a customer of an insurance company is involved in laundering drug money proceeds.

The amendment to the Insurance Act is similar to the recent amendments under the Banking (Amendment) Act, the Finance Companies (Amendment) Act and the Futures Trading (Amendment) Act.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. - [Dr Richard Hu Tsu Tau].

Bill considered in Committee; reported without amendment; read a Third time and passed.