Featured Asia-Pacific

U.S. accuses China of ‘flagrant’ North Korea sanctions violations, offers $5 million reward

The United States accused China on Tuesday of “flagrant violation” of its obligation to enforce international sanctions on North Korea and offered rewards of up to $5 million for information about sanctions evasions. Deputy Assistant Secretary for North Korea Alex Wong accused China of seeking to undo a United Nations… Read More

Australia’s Westpac hit with a second bank regulator penalty

The Australian bank regulator said on Tuesday it was forcing Westpac Banking Corp to raise its cash reserves after it fell short of prudential standards, its second enforcement action in a year against the country’s No. 3 lender. The Australian Prudential Regulation Authority (APRA) said a review of the bank’s… Read More

U.S. imposes sanctions on Chinese firm accused of undermining democracy in Venezuela

The United States imposed sanctions on Monday on Chinese firm China National Electronics Import & Export Corporation (CEIEC), accusing it of supporting Venezuelan President Nicolas Maduro’s efforts to undermine democracy. The U.S. Treasury Department said in a statement the Chinese company supported the leftist government of Maduro in its “efforts… Read More
2nd December 2020
Hong Kong leader Carrie Lam Cheng Yuet-ngor will not extend the city’s anti-bribery laws to cover her own chief executive position, reneging on a promise she made in her election manifesto three years ago. Lam said amending the law would affect her “constitutional role” in the… Read More
1st December 2020
Money laundering during five months of COVID-19 restrictions drove a $305 million increase in poker machine profits – a spike that experts say shows the need for a gambling card. Latest figures from Liquor and Gaming NSW show profits increased more than 10 per cent compared to the same period… Read More
1st December 2020
Indonesia’s Fisheries Minister Edhy Prabowo faces up to life in jail after being arrested by the country’s Anti-Corruption Commission over lobster larvae export permits. The Anti-Corruption Commission, known by its Indonesian acronym KPK, arrested Mr Prabowo and his wife Iis Rosita Dewi as they arrived at Jakarta airport from the… Read More
1st December 2020
JPMorgan Chase & Co. plans to double the number of private bankers serving Chinese clients from Singapore over the next two years, signaling its ambition to tap growth from Asia’s second-largest wealth market. The U.S. bank currently has more than a dozen relationship managers serving Chinese residents and those on… Read More
30th November 2020
Packed trading floors are rare these days. An exception is the Shahzada currency-exchange market in Kabul. Seven days a week hundreds of men crowd into a modest courtyard. Each has a bundle of banknotes; some have piles several feet deep. Prices—for American dollars, Iranian rials and Pakistani rupees—ring out and… Read More
30th November 2020
Hong Kong leader Carrie Lam says she has to pile up cash at home as she has been unable to open a bank account in the global financial centre since Washington sanctioned her shortly after Beijing imposed a national security law on the city. Beijing circumvented Hong Kong’s legislature and… Read More
27th November 2020
An accountability court in Lahore on Thursday declared family members of Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif absconders in a money laundering reference. The accused include the PML-N’s president’s wife Nusrat Shehbaz, son Salman Shehbaz, daughter Rabia Imran and son-in-law. They did not appear before the court despite repeat… Read More
26th November 2020
A report released today by Transparency International reveals that citizens across 17 countries in Asia report stagnant or rising levels of corruption, undermining equitable access to public services and trust in government. The report, Global Corruption Barometer – Asia, finds that three-quarters of respondents believe that government corruption is a… Read More
26th November 2020
Anti-graft officials arrested Indonesia’s minister for maritime affairs and fisheries, Edhy Prabowo, early on Wednesday, an agency spokesman said, without giving a reason for the detention. The minister was among several people held and could be detained and questioned for up to 24 hours, added Ali Fikri of the Corruption… Read More
26th November 2020
Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June. Australian police have charged two men in NSW as part of ongoing investigations into an international money laundering operation. The two were arrested last week and… Read More