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Australia’s Packer to face powerful Crown probe into alleged money laundering

The NSW inquiry into Crown Resorts’ casino operations will assume the powers of a royal commission to summon James Packer and Lawrence Ho to answer questions about alleged criminal behaviour and links to a banned casino operator. The inquiry – comprising five public hearings starting on February 24 – is the first… Read More

HSBC aware of Huawei’s ties with Iran unit before arrest of founder’s daughter, documents show

The Canadian extradition proceedings of Huawei Technologies chief financial officer Meng Wanzhou hinge on allegations she made a fraudulent presentation to HSBC in 2013 over the technology giant’s business ties in Iran, but recently revealed documents show the bank had been aware of Huawei’s business relationships in the Middle Eastern… Read More

How shadowy brokers allegedly launder billions for crypto criminals

Criminals have long turned to cryptocurrencies like Bitcoin to carry out crimes including ransomware and extortion. But as law enforcement has improved at tracking the semi-anonymous currencies, criminals have had to devise new tactics for turning ill-gotten crypto proceeds back into cash. In response, a… Read More

15th January 2020

U.S. Blacklists Two Companies It Says Exploits North Korean Workers

The U.S. blacklisted two companies, including a China-based firm, that it says are involved in exploiting North Korean workers in violation of United Nations prohibitions against labor exports. The U.N. banned North Korean labor exports as part of an effort to squeeze international revenues it says are used by the… Read More

15th January 2020

Cash-Stuffed Secret Hideaway Discovered in Chinese Banker’s Apartment

The former chairman of one of China’s bad banks has confessed to taking millions of yuan in bribes which he kept in metal cabinets in a Beijing apartment he nicknamed “the supermarket.” Lai Xiaomin, former head of China Huarong Asset Management Co., has been charged with taking bribes,… Read More

13th January 2020

New US Sanctions Power Could Squeeze Remaining Iranian Trade Channels

Fresh sanction powers authorized by President Trump against Iran could squeeze the remaining trade and finance channels keeping the Iranian economy on life support by threatening those companies still doing business with the country. The U.S. on Friday levied more sanctions on Iran in response to ballistic-missile attacks against… Read More

10th January 2020

Foreign Bribery Scandal Muddies Japan’s Casino Legalization Gamble

In December 2016, the Japanese Diet passed the integrated resorts promotion law, the first in a two-step legislative process to legalize casinos in Japan. Japan passed the promotion law shortly after the ruling Liberal Democratic Party (LDP) – the party of Prime Minister Shinzo Abe — won enough seats in… Read More

7th January 2020

HSBC Walks Tricky Political Tightrope Between Hong Kong and Beijing

The two bronze lion statues standing guard over HSBC Holdings Plc’s main offices in Hong Kong still bear the marks of an attack by protesters, who last week daubed them with red and black paint, setting at least one ablaze. Graffiti declared that HSBC had been dyed the red… Read More

6th January 2020

Iran Abandons Nuclear Deal Limitations In Wake Of Soleimani Killing

Iran will no longer honor its commitment to limit its enrichment of uranium, stepping away from a key component of the landmark nuclear deal it agreed to with six nations, including the United States, in 2015. The announcement was reported Sunday in Iranian state media. It marks the latest in… Read More

6th January 2020

Chinese Regulator Tightens Scrutiny of AML/CTF Programmes at Banks, Insurers

The CBIRC (China Banking and Insurance Regulatory Commission) has issued a new circular on improving the effectiveness of AML/CTF programmes in the banking and insurance sectors. The circular applies to all banks (including foreign banks), financial asset management companies, insurance companies and insurance asset management companies. According to the circular, the… Read More

3rd January 2020

HSBC kicks off year with Hong Kong branches closed, vandalized

HSBC (HSBA.L) (0005.HK) is being drawn into Hong Kong’s political turmoil with protesters attacking some of its branches and graffiti daubed on the famous pair of lions that guard its city-center headquarters. Hong Kong is the bank’s single most important market, accounting for just over half of its… Read More

3rd January 2020

Five other lawmakers may be involved in Japan’s casino-bribery scandal

An adviser to a Chinese gambling operator under investigation for allegedly bribing Japanese lawmaker Tsukasa Akimoto over a casino resort project has told investigators that the company also gave cash to another five lawmakers, a source familiar with the matter said Thursday. Katsunori Nakazato, the adviser to 500.com Ltd., said… Read More

1st January 2020

Manila Vice: Xi and Duterte grapple with online casino crime

With its marble walls, gilded lobby and sign with Chinese characters that can mean “paradise on earth,” the Skytop International Club never tried to be subtle. Opened last year on the fringes of the Makati business district, Manila’s Wall Street, the club became known as a place where men would… Read More

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