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Alleged triad gangster arrested upon return to Hong Kong after years on the run

Alleged Hong Kong gangster “Shanghai Boy” Kwok Wing-hung remained in police custody on Monday following his airport arrest over the weekend when he returned to the city after being on the run for two years. Kwok, 62, arrived on a flight from Bangkok and was detained by police officers from… Read More

Former Hong Kong beach volleyball player arrested over money-laundering charges

A former Hong Kong beach volleyball player and primary school teacher, who was convicted of assaulting a police officer during last year’s social unrest, was arrested on Sunday for allegedly laundering HK$5.8 million (US$748,000) following his crowdfunding campaign to raise HK$500,000 for his ailing parents. Yeung Pok-man, 30, was jailed… Read More

Latest U.S. sanctions show Trump isn’t finished hitting China

The U.S. has imposed sanctions on four more officials accused of undermining Hong Kong’s autonomy, showing the Trump administration is ready to keep hitting out at China even after Joe Biden won last week’s presidential election. The announcement on Monday sanctioned three officials in Hong Kong who are key to… Read More

10th November 2020

Hong Kong’s SFC Privately Clears Way for Compliance with U.S. Sanctions

Hong Kong’s Securities and Futures Commission has privately told financial institutions that they can comply with U.S. sanctions without facing automatic reprisals under the jurisdiction’s new national security law, the Financial Times reported. The counsel comes in response to legal concerns that a clause in the security law would… Read More

10th November 2020

22 Hongkongers arrested in crackdown on city’s first fintech bookmaking and money-laundering racket

Hong Kong police have arrested 22 locals in a crackdown on what they believed was the city’s first bookmaking and money-laundering racket that had taken advantage of financial technology to collect more than HK$500 million (US$64 million) in bets on international gambling websites. The citywide arrests of 17 men and… Read More

6th November 2020

Hong Kong police officer among 11 arrested over suspected money laundering involving more than HK$200 million

A 23-year-old Hong Kong police officer was among 11 people arrested on Thursday on suspicion of running a money-laundering syndicate involving more than HK$200 million (US$25.8 million) since last year. The arrests of eight men and three women, aged 19 to 30, were made after the police force’s financial investigations… Read More

6th November 2020

Hong Kong to align crypto regulatory framework with FATF standards

Hong Kong’s government has launched a consultation on legislative proposals to enhance the city’s AML/CTF regime, including through the introduction of a new licensing regime for VASPs (virtual asset services providers) that are currently unregulated. “The legislative proposals are intended to bring Hong Kong’s regulatory regime up to date in… Read More

4th November 2020

Hong Kong cracks down on crypto trading in a bid to tackle fraud

The Hong Kong government is aiming to ban retail investors from trading in cryptocurrencies and force exchange operators to obtain licences, in a move that promises to end an era of largely unregulated trading of digital assets, according to officials. The government planned to release a consultation paper on… Read More

3rd November 2020

What a new US administration could mean for the sanctions landscape

The past 12 months have been characterized by a significant increase in regulator activity. At a time of heightened geopolitical tensions, particularly between the U.S. and China, we’re seeing a surge in new sanctions and trade regulations. In recent months, those tensions have hit the headlines thanks to the ongoing… Read More

2nd November 2020

Use of sanctions as U.S. foreign-policy tool would likely continue under Biden

Economic and trade sanctions have become a top U.S. foreign-policy tool for the Trump administration, and that would be unlikely to change under his Democratic challenger, Joe Biden. Yet, with the coronavirus pandemic and the economic fallout taking center stage of the election season, Mr. Biden hasn’t said much about… Read More

28th October 2020

Global Banks in Hong Kong Breathe Easier Over U.S. Sanctions

U.S. sanctions over Hong Kong are likely to pose fewer headaches for international banks operating in the financial hub than first feared, lawyers say. Banks have been on notice since July, when President Trump signed a law targeting people the U.S. sees as undermining Hong Kong’s autonomy, and those… Read More

23rd October 2020

Goldman Sachs fined record $2.9 billion to resolve 1MDB bribery scheme

Goldman Sachs, one of Wall Street’s oldest and most prestigious banks, will pay $2.9 billion in penalties and fees to settle federal charges over its involvement in a Malaysian bribery scheme, the Justice Department announced Thursday. Prosecutors in the Eastern District of New York charged the bank with conspiracy to… Read More

22nd October 2020

US-Sanctioned Hong Kong Shipping Lines Linked to Single Shanghai Resident

Four Hong Kong shipping companies sanctioned this week by the U.S. Department of State for doing business with an Iranian state shipping line have been traced to a single name, purportedly belonging to a person based in Shanghai, an RFA investigation has revealed. The U.S. on Monday named Reach Holding… Read More

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