Hong Kong

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Interpol Aids Police Targeting Illicit Gambling, 1,400 Arrested

By Henry Pope, OCCRP, 15 September 2021 OCCRP — In a blow to organized crime groups profiting off of illegal gambling networks, Interpol aided police raids across Asia and Europe, which seized US$7.9 million in cash and arrested approximately 1,400 suspects, the organization reported on Tuesday. Read More

CLSAP NZ hit with $770,000 fine for anti-money-laundering law breaches over $50m in transactions

A New Zealand derivatives trading firm and subsidiary of a Hong Kong company has been fined $770,000 for breaching anti-money-laundering laws over nearly $50 million of suspicious transactions. CLSA Premium New Zealand Limited (CLSAP NZ) admitted it was out of line with the Anti-Money Laundering and Countering… Read More

New Zealand: Premium slapped with $770,000 anti-money laundering fine

An Auckland-based foreign exchange business has been slapped with a $770,000 fine for breaking anti-money laundering laws. “Given the scale, nature and circumstances of KVB’s (CLSA Premium’s) non-compliance, I am satisfied that this penalty accurately reflects the gravity of the breaches and reflects the principles of deterrence and denouncement,” said… Read More
8th September 2021
Police in Hong Kong and mainland China have arrested 22 people in a joint operation against a cross-border syndicate suspected of using 85 local bank accounts to launder HK$740 million (US$95.2 million) in criminal proceeds over the past 17 months. A little over a third of the money was stolen… Read More
8th September 2021
When FBI agent Mark Calnan finally met the kingpin whose drug syndicate he’d been investigating for the past six years, he was surprised. With his black hair parted down the middle and modest fashion sense, Tse Chi Lop didn’t look like the head of a multinational operation that had flooded… Read More
3rd September 2021
A network of “corrupt government officials” have set about draining Pilatus Bank of all its assets, lawyers for the bank’s parent company Alpene Limited have claimed. The bank’s former chairman Ali Sadr is the sole director of the Hong Kong-based Alpene. In US court documents filed a few days ago,… Read More
2nd September 2021
The top U.S. securities regulator on Wednesday sued the founder of the now-defunct cryptocurrency exchange platform BitConnect over his alleged role in fraudulently raising about $2 billion from retail investors. Expanding a civil case announced in May, the U.S. Securities and Exchange Commission charged BitConnect founder Satish Kumbhani, an Indian… Read More
1st September 2021
Senior Beijing officials have warned against imposing sanctions on China and expressed confidence in Hong Kong’s future as an international financial hub under the country’s economic expansion. China’s commerce minister Wang Wentao, and Liu Guangyuan, commissioner of the Chinese foreign ministry’s Hong Kong office, speaking at the sixth Belt and… Read More
27th August 2021
Hong Kong police have arrested nine people in a crackdown on a bookmaking and money-laundering syndicate that washed an estimated HK$30 million ($3.85 million) in criminal proceeds over a 10-month period. The five men and four women, arrested during a series of Thursday raids across the city, included three core… Read More
26th August 2021
Hong Kong customs officers have broken up a money-laundering ring accused of smuggling nearly HK$170 million (US$21.8 million) in criminal proceeds out of the city over three months via the world’s longest sea crossing, arresting five people in the first crackdown of its kind. Couriers were hired to take the… Read More
26th August 2021
Retired Olympic speed skating champion Apolo Ohno and companies in Cyprus, Hong Kong, Malta, and Singapore are being sued in California for an alleged $50 million crypto fraud. Apolo Anton Ohno is an American retired short track speed skating competitor and an eight-time medallist in the Winter Olympics. Ohno… Read More
23rd August 2021
Beijing is likely to draft a more refined and targeted anti-sanctions law for Hong Kong that could list exemptions for selected multinational corporations instead of adopting the blunt approach of just imposing its own powerful legislation, analysts have said. Explaining the central government’s surprising decision on Friday to… Read More
20th August 2021
China’s top legislative body postponed a vote on a proposal to impose an anti-sanctions law on Hong Kong, delaying a move that could put global firms in the cross-hairs of a conflict between the world’s two largest economies. The National People’s Congress Standing Committee ended a closed-door session… Read More