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HSBC moved vast sums of dirty money after paying record laundering fine

By Spencer Woodman, ICIJ, 21 September 2020 ICIJ — In March 2014, three men kidnapped Reynaldo Pacheco and bludgeoned his head with rocks, leaving the 44-year-old father of a young daughter dead in a creek bed in California’s Napa County. Local authorities determined that his murder was a consequence… Read More

HSBC and Standard Chartered fear new Trump China sanctions could freeze them out of dollar

HSBC and Standard Chartered are bracing for a renewed US sanctions assault on China, amid official concern that escalating diplomatic tensions threaten collateral damage in the City. They are working on contingency plans for a worst-case scenario in which the political and trade disputes between Washington and Beijing trigger restrictions… Read More

Cypriot Passport Bought by Shadowy Ally of Cambodian Interior Minister

With a goatee beard and an impish demeanor, 33-year-old Chen Zhi makes for an unlikely “oknha,” the honorific title bestowed on businessmen who donate at least $500,000 to public works approved by the ruling Cambodian People’s Party. Such sums are pocket change to the likes of Chen, one of a… Read More

15th September 2020

Trial of former JPMorgan banker begins in Hong Kong with plea of not guilty

JPMorgan JPM.N did not carry out key checks when employing the son of a potential client, a prosecutor told a Hong Kong court on Monday, the first day of a bribery trial of the bank’s former Asia investment banking vice-chairwoman, Catherine Leung. Leung, who repeated a not guilty plea… Read More

14th September 2020

Hong Kong crime family arrested in HK$3 billion money-laundering investigation

Five members of a Hong Kong family accused of laundering more than HK$3 billion through 100 personal bank accounts have been arrested, along with the owner of a money exchange business, a senior customs official said on Monday. According to investigators, the family, which consists of the parents, two sons,… Read More

4th September 2020

U.S. blacklists companies for helping facilitate Iran’s exports of petroleum, petrochemicals

The United States on Thursday imposed sanctions on 11 foreign companies, accusing them of helping to facilitate Iran’s export of petroleum, petroleum products and petrochemicals in violation of American sanctions. The Treasury said it slapped sanctions on six companies based in Iran, the United Arab Emirates and China that it… Read More

4th September 2020

Hong Kong financial firms step up compliance hiring amid U.S. sanctions, security law

Financial firms in Hong Kong are scrambling to fortify their compliance operations following U.S. sanctions and China’s new national security law, even as the sector pushes to cut costs amid the coronavirus pandemic. This underscores the growing challenges for firms operating in the Asian financial hub, which was roiled last… Read More

1st September 2020

China must reform financial markets to ward off US financial sanctions, think tank urges

China should make its own financial markets big enough and open enough to foil any attempt by the United States to decouple financially, according to a semi-official Chinese research group. The tactics suggested in a report released on Sunday by the China Finance 40 Forum (CF40), a think tank comprising… Read More

28th August 2020

HSBC ‘aiding China’s Hong Kong crackdown’

HSBC is facing mounting pressure over its stance on Hong Kong after the United States claimed that the bank was helping China to crack down on pro-democracy supporters. Mike Pompeo, the US secretary of state, attacked the London-based lender for its treatment of executives at Next Digital, a Hong Kong-based… Read More

27th August 2020

Manila’s big bet on China’s online gambling habit gives Beijing post-coronavirus headache

Inside a well-lit Manila studio, a young Filipino woman in heavy make-up and a low-cut black dress flips card after card. She is the dealer in a game of baccarat, a popular game in casinos worldwide. But she stands alone – the players are thousands of miles away in mainland… Read More

25th August 2020

The Quiet Man in Stockholm Who Laundered China’s Oil Money for Iran

By Martin Young, Kelly Bloss, Šarūnas Černiauskas, Jason Papakheli, Aparna Surendra, Eric Barrett, and Roshanak Taghavi (OCCRP) and Joachim Dyfvermark and Linda Larsson Kakuli (SVT) OCCRP –By all outward appearances, Hatam Khatoun Nema was a small-time money changer working from a nondescript office in Järfälla, a workaday Stockholm suburb. Read More

20th August 2020

Hong Kong leader Carrie Lam has credit card trouble after U.S. sanctions

Hong Kong’s leader said she’s having trouble using her credit cards after the U.S. imposed sanctions targeting Chinese officials and their allies in the city. “As for myself, of course it will have a little bit of inconvenience here and there, because we have to use some financial services… Read More

14th August 2020

Luxury homes tie Chinese communist elite to Hong Kong’s fate

Li Qianxin, the elder daughter of the Chinese Communist Party’s No. 3 leader, has quietly crafted a life in Hong Kong that traverses the city’s financial elite and the secretive world of Chinese politics. For years, she has mingled with senior executives of state companies through Hong Kong and mainland… Read More

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