Featured Hong Kong

U.S. senators seek to sanction Chinese over Hong Kong

Two U.S. senators are proposing legislation to punish Chinese entities involved in enforcing proposed new security laws in Hong Kong and penalize banks that do business with those entities, adding to a growing list of initiatives in Congress aimed at China’s government. The bill is being introduced in Congress as… Read More

Fraud Factory Firms Traced to Penniless Proxies

By Mattias Carlsson, Holger Roonemaa, Oliver Kund and Hannes Munzinger, OCCRP, 18 May 2020 OCCRP — Rita is almost 13,000 euros in debt and was convicted of shoplifting a bottle of gin. Ricardo is unemployed and has been arrested several times for drug possession and driving without a license. His mother,… Read More

Hong Kong’s SFC Fines Southwest Securities for AML/CFT Failures

Hong Kong’s SFC (Securities and Futures Commission) has reprimanded and fined Southwest Securities HKD 5 million (USD 645,000) for failures to comply with AML/CFT requirements in 2016. Specifically, the SFC found that Southwest failed to implement adequate and effective policies and procedures to mitigate the risk of money laundering and… Read More
15th May 2020
Three men were arrested on Thursday over the laundering of HK$54 million (US$7 million) that police said was conned out of 15 Hongkongers, including a 76-year-old woman who lost HK$25 million. The alleged members of a money-laundering syndicate in Hong Kong held bank accounts that were used since December to… Read More
7th May 2020
Hong Kong police arrested 17 alleged members of a gambling syndicate which amassed HK$133 million (US$17.2 million) in 14 months from local punters using an online casino, a senior officer said on Wednesday. In the operation code-named “Deepskill”, officers also froze HK$4.5 million in bank accounts controlled by members of… Read More
5th May 2020
Hong Kong Monetary Authority has warned investors against a fraudulent website that is misusing the details of a licensed bank – Tai Yau Bank, Limited. Fraudsters are using the details and website contents of this genuine bank in an effort to deceive the public, the HKMA said. The regulator has… Read More
4th May 2020
The alleged mastermind of the fraud involving Hong Kong’s largest independent financial advisory firm, Convoy Global Holdings, was charged with intent to deceive members of the company about its affairs by the city’s anti-corruption investigator as the trial got under way on Monday. Roy Cho Kwai-chee, the former executive director… Read More
29th April 2020
Two Hongkongers recruited by fraudsters posing as mainland officials to “spy” on people suspected of money laundering have been arrested for duping victims out of HK$5.5 million (US$709,000), police said on Tuesday. The two suspects – a man, 23, and a woman, 25, who did not know each other –… Read More
21st April 2020
Hong Kong’s markets watchdog said on Monday it had fined a local securities unit of one of China’s largest banks, Bank of Communications (3328.HK) (601328.SS), HK$19.6 million ($2.53 million) for a range of regulatory breaches. BOCOM International Securities Limited broke anti-money laundering rules by not identifying… Read More
8th April 2020
The HKMA (Hong Kong Monetary Authority) has issued circulars to authorised institutions and SVF (stored value facility) licensees encouraging the use of technology to enable remote onboarding and account opening services. “We believe the use of FinTech will provide significant opportunities to manage some of the challenges presented by the… Read More
1st April 2020
Hong Kong police have broken up what they believe is a sophisticated gambling syndicate behind a network of underground casinos that used arcade machines for betting games and served those from the criminal underworld, force insiders said on Tuesday. Detectives believed the racket, run by a gang of mainland men… Read More
26th March 2020
The Independent Commission Against Corruption (ICAC), Hong Kong’s anti-corruption watchdog, charged a former senior executive of bourse operator Hong Kong Exchanges and Clearing on Wednesday for accepting HK$9.15 million (US$1.18 million) in bribes between 2017 and 2019. Eugene Yeoh Kim-loong, 43, the former joint-head of the initial public offering (IPO)… Read More
3rd March 2020
China’s Huawei Technologies, which for years has denied violating American trade sanctions on Iran, produced internal company records in 2010 that show it was directly involved in sending prohibited U.S. computer equipment to Iran’s largest mobile-phone operator. Two Huawei packing lists, dated December 2010, included computer equipment made by Hewlett-Packard… Read More