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”
Hong Kong authorities arrested four men for a suspected money-laundering syndicate involving HK$1.2 billion ($155 million) with virtual currency.
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.
A triad-controlled Hong Kong bookmaking syndicate that took in more than HK$3.4 billion (US$438 million) in illegal bets on horse racing and football matches in the first four months of this year was broken up in a series of raids on Sunday.
The amount of money that victims of romance scams lost to criminals jumped 140 per cent in the first four months of the year and reached HK$196 million (US$25.24 million), Hong Kong police revealed on Monday.
Hong Kong is to test connecting China’s digital yuan with its domestic payments network, officials said on Tuesday, the second stage of trials of China’s digital currency in the financial hub.
Ben Chung, one of the 47 democracy advocates charged with subversion, was denied bail for crowdfunding on an American platform, which the prosecution described as a typical pattern for money laundering.
Amid an exponential increase in online fraud, an INTERPOL-coordinated operation codenamed HAECHI-I mobilized more than 40 specialized law enforcement officers across the Asia Pacific region. Over six months of coordinated intelligence collection and joint operations, police were able to intercept a total of $83 million in illicit funds transferred from victims to the perpetrators of cyber-enabled financial crime.
HONG KONG—Buffeted by rising costs, some Chinese manufacturers are refusing to accept new orders or are even considering shutting down operations temporarily—moves that could put more strain on global supply chains and cause more inflation.
Focusing on romance scams, online sextortion, investment fraud, voice phishing and money laundering associated with illegal online gambling, police in nine Asian countries arrested more than 500 suspects and seized US$83 million, Interpol said on Thursday.
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.
Hong Kong’s exchange backed off from a proposal to double or even triple the annual profit requirement for companies seeking to sell shares on its main board following opposition from banks.