Featured Asia-Pacific

Japan to require crypto exchanges to bolster internal oversight: source

Japan’s financial regulator will require cryptocurrency exchanges to strengthen internal oversight of the so-called “cold wallets” used to store digital money, a source with direct knowledge of the matter told Reuters on Tuesday. The move by the Financial Services Agency (FSA) highlights the difficulties in ensuring security of virtual currencies,… Read More

UniCredit to Pay $1.3 Billion, Plead Guilty to US Sanctions Violations

A UniCredit Group affiliate bank will plead guilty to US federal and state criminal violations and pay $1.3 billion to regulatory and prosecutorial agencies to resolve breaches of sanctions against Iran and other nations, officials disclosed. Under terms of a non-prosecution agreement with the US Justice Department, the group’s German… Read More

‘Gangnam style’ sex crime – K-pop scandals uncover dark side of Seoul’s flashiest district

On a recent weekend night, the dance floor at one of the hottest clubs in Seoul’s swanky Gangnam district held only a few dozen people surrounded by mostly empty tables. A few months ago, the nightclub would have been packed with hundreds of gyrating men and women, and full tables,… Read More
11th April 2019
AP — The wife of Malaysia’s former Prime Minister Najib Razak was hit Wednesday with a new corruption charge over a solar energy contract. Rosmah Mansor pleaded not guilty to accepting a 5 million ringgit ($1.22 million) bribe through her aide from a manager at Jepak Holdings as a kickback… Read More
8th April 2019
Dutch prosecutors on Friday said they have arrested three former employees of a Dutch company suspected of laundering about $1.2 billion for a client in India. The company bought materials and services for a client that since 2006 has been involved in a major gas pipeline project in India, the… Read More
8th April 2019
Wealthy Chinese nationals are increasingly obtaining so-called “golden visas” from the Greek government despite concerns that such arrangements open the door for money launderers, The National Herald reported Sunday. Under Greek regulations, investors who buy land, property or securities worth at least €250,000 can obtain visas that include residency permits and… Read More
4th April 2019
AP — Former Malaysian Prime Minister Najib Razak sat in the dock Wednesday at the start of his corruption trial, with the chief prosecutor alleging he wielded “near absolute power” for nearly a decade during which he stands accused of pilfering millions of dollars from the 1MDB state investment fund. Read More
4th April 2019
A bipartisan group of U.S. lawmakers on Wednesday faulted the Trump administration for failing so far to impose sanctions over China’s alleged human rights abuses against its Muslim minority and called for punitive measures against a senior Communist Party official and Chinese companies. A letter to President Donald Trump’s top… Read More
4th April 2019
U.S. authorities gathered information about Huawei Technologies Co Ltd through secret surveillance that they plan to use in a case accusing the Chinese telecom equipment maker of sanctions-busting and bank fraud, prosecutors said on Thursday. Assistant U.S. Attorney Alex Solomon said at a hearing in federal court in Brooklyn that… Read More
4th April 2019
By James Chin, University of Tasmania The corruption trial of Najib Tun Razak, the former prime minister of Malaysia, has finally begun following two postponements and an attempt on the opening day of the trial for a third. Many Malaysians were starting to wonder if Najib would… Read More
4th April 2019
AP — Malaysia’s government said Wednesday that a luxury yacht allegedly bought with money stolen from a troubled state investment fund will be sold to casino operator Genting Berhad for $126 million, half its original price. Attorney General Tommy Thomas said the Admiralty Court on Wednesday approved the sale… Read More
3rd April 2019
After nearly two months of delays, the trial of Najib Razak is set to begin Wednesday on charges that the former Malaysian prime minister took part in a scheme to steal vast sums from a state fund he established a decade ago. The trial, which marks a milestone in a sprawling financial… Read More
3rd April 2019
The Australian government said it will increase funding of its two main financial-sector regulators in the wake of a year-long inquiry into banking misconduct, and will expand the Federal Court’s jurisdiction to include corporate crime. The Australian Securities and Investments Commission (ASIC) will get an additional A$405 million ($288 million)… Read More