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Hong Kong authorities freeze HK$900 million in crackdown on ‘ramp and dump’ scam

More than HK$900 million (US$116 million) in suspected crime proceeds has been frozen in an unprecedented joint crackdown by Hong Kong police and stock regulators against so-called “ramp and dump” online investment scams, the Post has learned. Twelve Hongkongers – seven men and five women – were arrested over the… Read More

HSBC Banker Knew About Dealings With Iran, Meng’s Defense Argues

Lawyers representing Meng Wanzhou tried to discredit evidence presented by U.S. officials in her extradition hearing, arguing a banker at HSBC Holdings Plc knew that a company doing business with Iran was actually an affiliate of Huawei Technologies Co. One of Meng’s lawyers, Frank Addario, told the… Read More

Latin America’s Bustling Trade in Seahorses to China

By Max Radwin, InSight Crime, 27 February 2021 InSight Crime — An investigation has identified Mexico as a major contributor to a global seahorse trafficking network centered around China but this trade is also affecting other Latin American nations. The report, published in February by Mongabay… Read More

24th February 2021

Cryptocurrency Firms Bitfinex, Tether Settle New York Attorney General’s Probe

The New York attorney general’s office settled Tuesday a nearly two-year investigation into the finances and corporate practices of the companies that operate the Bitfinex cryptocurrency exchange and the stablecoin tether. Hong Kong-based iFinex Inc., which operates the Bitfinex exchange, and Tether Ltd. agreed to pay $18.5 million to… Read More

21st February 2021

What has former 14K triad boss ‘Broken Tooth’ Wan Kuok-koi been up to since leaving prison?

Within weeks of his release from a Macau prison built specifically to hold him, triad boss Wan Kuok-koi, whose rise and fall in the 1990s made headlines around the world, was back in the game. After walking out of jail on December 1, 2012, the man better known by his… Read More

19th February 2021

Hong Kong man accused of selling 1 tonne of gold bars for HK$340 million charged with money laundering

A Hong Kong truck driver accused of selling a tonne of gold bars for HK$340 million (US$44 million) was charged with two counts of money laundering on Thursday. The 33-year-old suspect is said to have obtained the gold from unknown sources and sold it over a four-month period in 2016. Read More

16th February 2021

Over HK$8 billion from scam victims laundered through Hong Kong bank accounts in 2020

More than HK$8.33 billion (US$1.07 billion) conned from the victims of online, phone and investment scams was laundered through thousands of Hong Kong bank accounts last year, the Post has learned. The police force’s anti-fraud squad intercepted nearly HK$3.07 billion collected from local and international victims, though the remaining… Read More

15th February 2021

Cryptocurrency exchanges warn new Hong Kong rules may encourage financial crime

Cryptocurrency exchanges are on tenterhooks as they await the outcome of a proposal by Hong Kong’s government to ban retail investors from trading in the city, at a time when digital assets are winning acceptance as mainstream forms of payment and market leader bitcoin rises to a record level. The… Read More

15th February 2021

Hong Kong Plans Money Flow Scrutiny of Chinese Officials

Hong Kong plans to expand scrutiny on capital flows and transactions by Chinese officials, according to a recent consultation paper on anti-money laundering. The Financial Services and the Treasury Bureau is proposing to implement enhanced due diligence on “politically exposed persons” from anywhere outside Hong Kong instead of outside… Read More

8th February 2021

Pressure grows on HSBC over Hong Kong activist Ted Hui

HSBC has come under fire from an international coalition of senior politicians over its decision to freeze the bank account of a prominent pro-democracy activist in Hong Kong. A group of more than 50 politicians including Sir Iain Duncan Smith, the former Tory leader, has written to Mark Tucker, chairman… Read More

8th February 2021

Hong Kong police arrest 81 in crackdown on string of triad-run gambling dens

Police have rounded up 81 people in a crackdown on a triad-controlled syndicate that ran 14 illegal gambling and drug dens in Hong Kong that featured arcade machines for betting and offered free illegal drugs to attract customers. The force said the racket took advantage of the closure of recreational… Read More

8th February 2021

Crown Resort-linked suspected money launderer arrested in Thailand

An alleged international drug boss suspected of laundering millions of dollars through gaming giant Crown Resorts has been arrested in Thailand, where he is fighting efforts to be extradited to Australia. The arrest of Chung Chak “John” Lee in late December is part of ongoing efforts by Australian authorities to… Read More

5th February 2021

The Rise and Fall of Bitcoin Billionaire Arthur Hayes

CRAZY RICH Arthur Hayes lives large. Like Bobby Axelrod-in-Billions large. Just replace New York with Hong Kong and infuse it with a dose of Silicon Valley—where unicorns spring from the minds of irrepressible company founders—and, well, you get the picture. One minute Hayes is hitting the powder in Hokkaido, the… Read More

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