Article: The playboy trader, the nickel scheme and Singapore’s banks

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The playboy trader, the nickel scheme and Singapore’s banks

CHRIS WRIGHT, 21 July 2021

Ng Yu Zhi claimed he had a get-rich-quick scheme for the ages. It was so, so easy, he allegedly told investors. He would buy physical nickel from Poseidon, an Australian Securities Exchange-listed company, at a discount; then he would sell it to a buyer at a profit.

Investors would fund the purchases, and would receive handsome rewards from the resulting profits.

The potential returns: how does 15% a quarter sound? Continue reading “Article: The playboy trader, the nickel scheme and Singapore’s banks”

Article: HONG KONG WATCHDOGS ARREST CULPRITS FOR MONEY LAUNDERING

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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”

Article: Operation HAECHI-I intercepts $83M in online financial crimes

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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”

Article: Asian Police Seize $83 Million in Operation Against Online Financial Crime

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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”

Article: UPDATE 2-China’s yuan pulls back after officials warn against speculation

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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”

Article: Interpol intercepts $83 million fighting financial cyber crime

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Interpol intercepts $83 million fighting financial cyber crime

Sergiu Gatlan, 30 May 2021

The Interpol (short for International Criminal Police Organisation) has intercepted $83 million belonging to victims of online financial crime from being transferred to the accounts of their attackers.

Over 40 law enforcement officers specialized in fighting cybercrime across the Asia Pacific region took part in the Interpol-coordinated Operation HAECHI-I spanning more than six months.!–more–>

Between September 2020 and March 2021, law enforcement focused on battling five types of online financial crimes: investment fraud, romance scams, money laundering associated with illegal online gambling, online sextortion, and voice phishing.

The stolen funds were blocked from getting into the scammers’ accounts following multiple joint operations and months of collecting intelligence on the attackers’ operations.

Throughout Operation HAECHI-I, Interpol agents opened over 1,400 investigations targeting cybercrime in the Asia Pacific region (i.e., Cambodia, China, Indonesia, Korea, Laos, The Philippines, Singapore, Thailand, and Vietnam), with 892 cases having already been solved and the rest still being investigated.

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Article: Online crimes: S’pore police play key role in Interpol probe

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Online crimes: S’pore police play key role in Interpol probe

Zaihan Mohamed Yusof, 28 May 2021

Singapore police played a crucial role that led to 585 arrests and US$83 million (S$110 million) intercepted in an Asia-Pacific probe coordinated by Interpol that sought to crack down on online financial crime.

Voice phishing, romance scams and money laundering linked to online gambling were the “top three types of online financial crimes in terms of the number of cases”, the world policing body told The Straits Times yesterday. In voice phishing ruses, callers often impersonate authority figures to scam victims into providing details that would see them lose their money. Continue reading “Article: Online crimes: S’pore police play key role in Interpol probe”

Article: S’pore police played ‘critical role’ in Interpol probe into online financial crimes; US$83m intercepted

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S’pore police played ‘critical role’ in Interpol probe into online financial crimes; US$83m intercepted

Zaihan Mohamed Yusof, 27 May 2021

SINGAPORE – Police in Singapore played a crucial role that led to 585 arrests and US$83 million (S$110 million) intercepted in an Asia-Pacific wide probe coordinated by Interpol that sought to crack down on online financial crime.

Voice phishing, romance scams and money laundering linked to online gambling were the “top three types of online financial crimes in terms of the number of cases”, the world policing body told The Straits Times on Thursday (May 27).

In voice phishing ruses, callers often impersonate authority figures to scam victims into providing details that would see them lose their money. Continue reading “Article: S’pore police played ‘critical role’ in Interpol probe into online financial crimes; US$83m intercepted”

Article: Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths

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Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths

Tom Schoenberg, 13 May 2021

Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.

As part of the inquiry, officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business, according to people with knowledge of the matter who asked not to be named because the probe is confidential. Led by Changpeng Zhao, a charismatic tech executive who relishes promoting tokens on Twitter and in media interviews, Binance has leap-frogged rivals since he co-founded it in 2017. Continue reading “Article: Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths”

Article: $69 million in suspicious transactions in S’pore intercepted by authorities since 2019

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$69 million in suspicious transactions in S’pore intercepted by authorities since 2019

David Sun, 27 April 2021

SINGAPORE – About $69 million transferred through suspicious accounts here has been intercepted by the authorities since 2019.

The figure was revealed in a keynote speech on Tuesday (April 27) by Ms Loo Siew Yee, the assistant managing director for Policy, Payments and Financial Crime at the Monetary Authority of Singapore (MAS).

Speaking at the 12th Annual Anti-Money Laundering and Anti Financial Crime Conference, organised by the Association of Certified Anti-Money Laundering Specialists, Ms Loo said the successful interceptions were a result of collaborative efforts by the Commercial Affairs Department (CAD), MAS, and the key banks here. Continue reading “Article: $69 million in suspicious transactions in S’pore intercepted by authorities since 2019”

Article: The Weird, Extremely German Origins of the Wirecard Scandal

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The Weird, Extremely German Origins of the Wirecard Scandal

Adrian Daub, 21 April 2021

German scandals are not like other scandals. The bouquet of a classic German scandal contains unmistakable notes: a rabbit-hole impenetrability, the implication of an entire guilt-ridden society, and, most importantly, a sense that the controversy says something essential about Germany as a whole. German scandals are collectivized. They are about a belief in German difference, for good or ill.

The rise and fall of the financial services giant Wirecard is such a scandal. Wirecard, whose products facilitated e-commerce payment transactions, was the rare German startup that seemed primed to become a “global player”—a phrase with special resonance in a country that, despite all evidence to the contrary, still perceives itself as being small-time. The company was founded in 1999, survived the dotcom-bubble, began a massive expansion into Asia in the middle of the financial crisis, and, later, began another expansion into the Middle East. Continue reading “Article: The Weird, Extremely German Origins of the Wirecard Scandal”

Article: India does not see logic in U.S. putting it on currency watchlist

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India does not see logic in U.S. putting it on currency watchlist

Reuters, 20 April 2021

India does not see any logic in the United States putting it on a monitoring list of currency manipulators, a trade ministry official said on Tuesday.

“I don’t understand any economic logic,” Anup Wadhawan, India’s commerce secretary told reporters. The Reserve Bank of India is following a policy that allows currency movements based on market forces, he said.

Last week, the U.S. Treasury Department put India along with 10 other economies including Singapore, Thailand and Mexico on the “Monitoring List” that it said required close attention to their currency practices. read more Continue reading “Article: India does not see logic in U.S. putting it on currency watchlist”

Article: Swiss private bank fined $1m for breaching anti-money laundering rules

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Swiss private bank fined $1m for breaching anti-money laundering rules

Nandita Bhardwaj, 16 April 2021

The Singapore-based branch of a Swiss private bank has reportedly been charged $1 million for failing to adhere with measures to counter terrorist financing and money-laundering. The fine was imposed on Bank J. Safra Sarasin for serious breaches between March 2014 & September 2018.

In particular, the bank failed to establish the source of the funds of its customers by appropriate as well as reasonable means.

In most cases, Bank J. Safra Sarasin depended on the representations of customers without any proper validation. The bank also failed to inquire into exceptionally large or irregular patterns of customer transactions that had no apparent economic purpose. Continue reading “Article: Swiss private bank fined $1m for breaching anti-money laundering rules”

Article: Hong Kong stock exchange to extend circuit breakers to futures products to temper wild gyrations in equities and derivatives

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HKEX incoming CEO Nicolas Aguzin

Hong Kong stock exchange to extend circuit breakers to futures products to temper wild gyrations in equities and derivatives

Yahoo Finance, 09 April 2021

The move will add to similar controls put in place since August 2016, first on extreme gyrations in equities and a year later on derivative products. They followed a series of events that provoked regulatory probes into market misconduct such as price manipulation and pump-and-dump scandals.

“The volatility control mechanism (VCM) has worked as intended without any negative feedback from the market,” said Tom Chan Pak-lam, chairman of Hong Kong Institute of Securities Dealers, the local brokerage industry body. “In many cases, sharp and sudden price movements were smoothed out as the cooling-off periods allowed participants to react while trading continued.”

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Article: Reflecting crypto craze, crypto-related scams spiral higher in the U.K.

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Reflecting crypto craze, crypto-related scams spiral higher in the U.K.

SOPHIE MELLOR, 06 April 2021

As the value of virtual currencies spirals ever higher, so have the scams related to them.

According to new data from the U.K.’s fraud reporting service Action Fraud, scams involving cryptocurrency investment rose 57% across the U.K. in 2020, with a total of 5,581 reports made.

Investors lost a total of £113 million to crypto scammers in 2020, up from £76.6 million the previous year. Continue reading “Article: Reflecting crypto craze, crypto-related scams spiral higher in the U.K.”