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”
British Police Seize $250 Million Of Cryptocurrency In International Money Laundering Crackdown
Kiuyan Wong, 15 July 2021
Hong Kong authorities arrested four men for a suspected money-laundering syndicate involving HK$1.2 billion ($155 million) with virtual currency.
Operation “Coin Breaker” was launched on July 8, and the men aged between 24 and 33 have been arrested, according to a statement from Hong Kong Customs. The men opened various local bank accounts and made transactions through a virtual currency exchange trading platform, the statement said. The suspicious funds were processed via bank remittances and virtual currency from February 2020 through this May, according to officials. Continue reading “Article: British Police Seize $250 Million Of Cryptocurrency In International Money Laundering Crackdown”
For democracy, it’s a time of swimming against the tide
Tim Sullivan, 12 July 2021
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.
Decades earlier, Hugo Torres had been a revered guerrilla in the fight against right-wing dictator Anastasio Somoza. In 1974, he’d taken a group of top officials hostage, then traded them for the release of imprisoned comrades. Among those prisoners was Daniel Ortega, a Marxist bank robber who would become Nicaragua’s elected president and later its authoritarian ruler. Continue reading “Article: For democracy, it’s a time of swimming against the tide”
U.K. AML expert convicted of aiding money launderers
Neil Hodge, 25 June 2021
A U.K. money laundering prevention expert was found guilty Wednesday of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.
Dominic Thorncroft was chair of the Association of UK Payment Institutions for 14 years and worked with lawmakers and financial regulators providing anti-money laundering advice and training. In 2014, he allowed fraudsters to use his money services business to transfer criminal proceeds from an investment scam overseas. Continue reading “Article: U.K. AML expert convicted of aiding money launderers”
Hong Kong police break up triad-run gambling syndicate that took in billions in bets this year
Clifford Lo, 21 June 2021
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.
Police on Monday revealed 18 people were arrested in the raids, which a force insider said had netted what he believed to be the largest amount of illegal betting records seized in a single operation in a decade. Continue reading “Article: Hong Kong police break up triad-run gambling syndicate that took in billions in bets this year”
Amount of money lost by victims of romance scams jumps 140 per cent in first four months, Hong Kong police say
Clifford Lo, 21 June 2021
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.
Authorities warned the public to remain cautious when seeking out new partners on the internet, noting more people were falling for the deceptions. The force said 517 people succumbed to the ploys between January and April, compared with 267 during the same four months in 2020 – an increase of 93 per cent. Continue reading “Article: Amount of money lost by victims of romance scams jumps 140 per cent in first four months, Hong Kong police say”
Hong Kong to test linking China’s digital yuan with domestic payments
Reuters, 08 June 2021
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.
China’s e-CNY is one of the most advanced central bank digital currency (CBDC) projects among major economies. Chinese officials say the project will be initially domestically focused, but cross-border trials are also under way in Hong Kong. Continue reading “Article: Hong Kong to test linking China’s digital yuan with domestic payments”
Hong Kong justice department says use of US crowdfunding site typical of money laundering
Appledaily, 03 June 2021
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.
Chung, the convenor of the Neo Democrats and a district councilor, was charged with “conspiracy to commit subversion” under the national security law for participating in an unofficial primary election for the Legislative Council last summer.
According to the written ruling released on Thursday, High Court judge Esther Toh refused his bail application as the 32-year-old set out the link for the public poll’s fundraising campaign on the American site GoGetFunding and was one of three signatories to operate the bank account for Power for Democracy, the organizer of the opposition primaries. Continue reading “Article: Hong Kong justice department says use of US crowdfunding site typical of money laundering”
Operation HAECHI-I intercepts $83M in online financial crimes
Help Net Security, 02 June 2021
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.
Officially concluding last week, Operation HAECHI-I focused particularly on five types of online financial crime: investment fraud, romance scams, money laundering associated with illegal online gambling, online sextortion and voice phishing. Continue reading “Article: Operation HAECHI-I intercepts $83M in online financial crimes”
Chinese Factories Delay New Orders as Costs Rise, Risking Global Supply Shortages
Stella Yifan Xie, 01 June 2021
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.
Surging raw-material prices and a shortage of workers have pinched smaller Chinese manufacturers, including many that sell their products to the U.S. and other Western markets. While many have passed their higher costs on to overseas buyers, the pain is so severe at some manufacturers that they are finding it hard to raise prices enough to make up the difference. Others don’t want to risk losing business to competitors. Many are now looking for other solutions to avoid losing money. Continue reading “Article: Chinese Factories Delay New Orders as Costs Rise, Risking Global Supply Shortages”
Asian Police Seize $83 Million in Operation Against Online Financial Crime
ISOBEL VAN HAGEN, 01 June 2021
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.
Authorities worldwide have repeatedly warned that online fraud is continuing to increase and have stepped up joint efforts to fight it.
This operation, codenamed “HAECHI-I,” assembled law enforcement across Cambodia, China, Indonesia, Korea, Laos, The Philippines, Singapore, Thailand, and Vietnam. Between September 2020 and March 2021, they opened more than 1,400 investigations of online fraud and while many of the cases remain ongoing, Interpol said, 892 cases have been solved. Continue reading “Article: Asian Police Seize $83 Million in Operation Against Online Financial Crime”
Huarong Wires $978 Million to Repay Bonds as Doubts Persist
Bloomberg News, 31 May 2021
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.
Huarong wired funds for a $900 million dollar bond due June 3, a person familiar with the matter said, asking not to be identified discussing private information. One of the company’s onshore units also paid a 500 million yuan ($78 million) bond that matured Sunday, people familiar said. Continue reading “Article: Huarong Wires $978 Million to Repay Bonds as Doubts Persist”
UPDATE 2-China’s yuan pulls back after officials warn against speculation
Winni Zhou, Samuel Shen and Andrew Galbraith, 31 May 2021
SHANGHAI, May 31 (Reuters) – The yuan hit a three-year high against the dollar on Monday before falling back following a chorus of warnings from Chinese officials against speculative bets on the currency.
A former senior official at the foreign exchange regulator joined a slew of current and former officials on Monday cautioning against one way bets on the yuan, which has seen a two-month long rally against the dollar. In a commentary in the official China Securities Journal, Guan Tao warned against herd behaviour that could harm market order and weigh on China’s exporters. Continue reading “Article: UPDATE 2-China’s yuan pulls back after officials warn against speculation”
What Is Megaupload? A Full History of Kim Dotcom’s File-Sharing Website in 2021
Aleksander Hougen, 24 May 2021
There have been many dramatic stories over the years involving the internet and copyright infringement, but few are as notorious as that of Megaupload and Kim Dotcom. It’s one hell of a story, but one that’s complicated and often misunderstood. Join us for an answer to the question of “what is Megaupload?” as we look at what happened to the website and what comes next.
Megaupload was one of the leading file-sharing sites on the internet until its takedown in January 2012.
The site’s founder, Kim Schmitz, legally changed his name to Kim Dotcom around the same time he founded Megaupload in 2005.
Dotcom has waged an ongoing legal battle for more than a decade to avoid extradition to the United States for charges of copyright infringement, wire fraud, racketeering and money laundering. Continue reading “Article: What Is Megaupload? A Full History of Kim Dotcom’s File-Sharing Website in 2021”
Hong Kong Raises IPO Profit Minimum in Watered-Down Move
Kiuyan Wong, 20 May 2021
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.
The threshold will instead be raised 60% to HK$80 million ($10 million) in the recent three financial years, effective starting next year, according to a statement released on Thursday. The exchange had proposed more than doubling or tripling the level. The bourse and the Securities and Futures Commission also issued a joint statement vowing to crack down on suspicious IPO activities such as inflating the market capitalization, executing “ramp-and-dump” schemes and unusually high underwriting commissions. Continue reading “Article: Hong Kong Raises IPO Profit Minimum in Watered-Down Move”