HONG KONG WATCHDOGS ARREST CULPRITS FOR MONEY LAUNDERING
ANDREW SMITH, 15 July 2021
Intro: Four men and a mastermind running a money-laundering syndicate in the city have been arrested by the Hong Kong Police. The officials have dismantled the operation of the gang that used cryptocurrency to process HK$1.2 billion for illegal funds.
Four men along with the local mastermind of the money laundering syndicate have been arrested by the Hong Kong Police. The customs officials have confirmed that they had dismantled the money laundering syndicate that used cryptocurrency to process HK$1.2 billion ($155 million) in illegal funds. Continue reading “Article: HONG KONG WATCHDOGS ARREST CULPRITS FOR MONEY LAUNDERING”
The old Nicaraguan revolutionary, with his receding hairline and the goatee that he had finally let turn grey, spoke calmly into the camera as police swarmed toward his house, hidden behind a high wall in a leafy Managua neighborhood. Surveillance drones, he said, were watching overhead.
China’s securities regulator is setting up a team to review plans by Chinese companies for initial public offerings (IPOs) abroad, sources with knowledge of the matter said, including those using a corporate structure which Beijing says has led to abuse.
Beijing has been engaged in a battle for public opinion for several years, aggressively promoting a positive vision of China to counter criticisms for its involvement in human rights violations, intellectual property theft, currency manipulation, its engagement with Taiwan and the South China Sea disputes, and its suspected involvement in the COVID-19 outbreak. In 2017, senior Party leaders acknowledged that “the main battlefield for public opinion” occurs on the extensive borderless Internet where people receive their news, express their thoughts, and promote and argue their political and ideological viewpoints. Beijing understands how the Internet is essential in disseminating China-friendly narratives, while at the same time deflecting criticisms and reassigning blame. In essence, it is how Beijing seeks to preserve its image while tarnishing those of others. 
BEIJING (Reuters) – China’s central bank on Tuesday issued a revised draft anti-money laundering law, under which fines for certain offences would rise to as much as 10 million yuan ($1.6 million) and a host of non-financial institutions would be brought within its scope.
Congrats to America’s finance bros for finally getting their reward from the Chinese Communist Party. But surely, after obediently lobbying in favor of opening up to Beijing for decades, Wall Street deserved more than it received.
China Huarong Asset Management Co. made the biggest bond payment since confidence in its financial health began plunging two months ago, adding to signs that the company still has access to near-term liquidity.
The Chinese Communist Party blasted President Biden’s decision to renew the investigation into whether the coronavirus leaked from a Chinese lab as “political manipulation” and one that “does not care about facts and truth.” 
However loudly U.S. politicians vow to compete with China, they seem happy to quit the field and let Beijing win in one crucial area: trade. If President Joe Biden hopes to build a coalition in Asia to counterbalance China’s rise, he can’t afford such defeatism.
Stocks in mainland China retreated from a three-day advance as commodity prices eased and lingering concerns about global inflation soured appetite for risks. Financial markets in Hong Kong were closed for a public holiday.
Shares in Alibaba surged on Monday after the e-commerce company said that a record $2.8bn (£2bn) fine handed down by Chinese regulators marked the end of an investigation into anti-competitive practices at the company.
Being “tough on China” is politically popular in Washington these days, and Biden has come out of the gate swinging against Beijing. But “being tough” isn’t a policy and reflexively applying it to China doesn’t serve U.S. interests. A logical and realistic approach to Beijing, however, can.