The article describes three different views of the threat and explains why the third view deserves the most serious consideration. It also addresses what are termed the "regulatory" and the "non-regulatory" approaches to confronting the local, regional, and global challenge of organized crime in an era of change and emerging ungovernability. Perspectives on the future of Hong Kong include: (1) Hong Kong is unique and will remain a secure, sophisticated, dynamic, and relatively crime-free zone; (2) Hong Kong faces a chaotic future as the system breaks down; and (3) Although there will be some short-term dislocations as China asserts more and more control, the major problem is in the long term. Focus on the long-term is necessary because there is little reason to anticipate a significant drop in the level, magnitude or growth of criminal activity; Hong Kong will gradually become more integrated into the economic and political life of southern China and the People's Republic of China and will be even more exposed to the dramatically increased criminality of the region; and organized crime groups from Hong Kong and other parts of East Asia have begun joint operations and are using China as a conduit for illegal transactions.