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TOPIC

Financial crime

Financial crime
Financial crime means any criminal conduct relating to money, financial services or the markets. These include fraud, scams, theft, corruption, insider trading, money laundering and financing of terrorism.
A mobile screen shows the Momo dating app, operated by Hello Group, which was required to pay hundreds of millions of yuan in back taxes this year. Photo: Simon Song
Chinese offshore investment

Beijing targets offshore tax dodging, intensifying cross-border capital scrutiny

Major financial outlets blast offshore shell structures after case involving the Hong Kong entity of a mainland social media platform.

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Hong Kong courts

Filmmaker Raymond Wong begins jail sentence, giving up bail as he awaits appeal

Crime

Editorial | Hong Kong should spare no effort in fight against financial crime

Hong Kong courts

Hong Kong producer Raymond Wong found guilty of insider trading

Court hears Wong advised sister to buy shares in company in which he held controlling stake, netting her more than HK$1 million in profit.

Filmmaker Raymond Wong arrives at Eastern Court. Photo: Sun Yeung
Hong Kong courts

Hong Kong ‘block trade king’ exploited bank lapse to make HK$1.7m, court told

Prosecutors allege Simon Sadler and Daniel La Rocca used confidential information about planned block trade to sell more than 1.7 million Esprit shares.

Shenzhen

Hot tips, cold reality: China targets online stock scams luring novice investors

Crackdown targets social media accounts offering bogus stock tips, paid groups and AI-driven tools amid surge in retail scams.

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Southeast Asia forced-labour scams

Video | Inside a scam centre on the Cambodia-Thailand border

The town-sized O’Smach Resort complex, which once housed 29 scam companies, occupies roughly 80 hectares (197 acres).

The town-sized O’Smach Resort complex, which once housed 29 scam companies, occupies roughly 80 hectares (197 acres),
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Banking & finance

Opinion | From the US to Hong Kong, there’s no excuse for insider trading

Far from a victimless crime, insider trading steals from the rest of us by unfairly using knowledge that is available only to the privileged.

Crime in Hong Kong

HK$261 million of frozen crime funds may take 7 years to reach Hong Kong coffers

Trials and other legal procedures must first be completed before funds can be deposited into treasury, insider says.

Crime in Hong Kong

Editorial | Hong Kong police’s fight against scams needs more public support

Scams might be down in Hong Kong but they still comprise nearly half of all crimes. Vigilance and community support are vital.

Scam cases in Hong Kong fell by 2.9 per cent last year compared with the year before. Photo: Shutterstock
Crime in Hong Kong

Are Hong Kong foreign exchange firms secure enough?

After a shocking 51 million yen robbery last week, the South China Morning Post examines the risks in the city’s cash exchange trade.

Hong Kong police have arrested six suspects in connection with a 51 million yen robbery in Sheung Wan. Photo: Karma Lo
Crime in Hong Kong

Editorial | Vigilance essential as Hongkongers hit by more online scams

The authorities must take the breach of the eMPF platform seriously, rectify the underlying vulnerabilities and restore confidence in the electronic system.

Mandatory Provident Fund (MPF)

Video | Hongkongers urged to use eMPF to ward off scams

The advice comes with a warning about the recent theft of HK$1.8 million from three MPF accounts by scammers using high-quality ID forgeries.

Banking & finance

Billionaire detained in shadow banking scandal in China

Police in Zhejiang have imposed ‘criminal compulsory measures’ against Yu Faxiang and are conducting a probe into his alleged wrongdoings.

A 12-metre-tall sculpture of Ultraman Zero stands at an Ultraman-themed venue inside Shanghai Haichang Ocean Park in Shanghai in July 2022. Photo: Getty Images
Son Heung-min

Woman who blackmailed South Korean football star Son Heung-min jailed: reports

The woman in her 20s accused of extorting US$200,000 from the player last year before trying again with an accomplice this year.

South Korea’s Son Heung-min waves to fans after a World Cup qualifier against Kuwait in Seoul in June. Photo: Reuters
Cryptocurrency

US, Chinese authorities ramp up actions against syndicates running crypto scams

Syndicates either trick or coerce targeted victims to invest in bogus schemes and transfer funds via bitcoin, ether or stablecoins.

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Cryptocurrency

Video | China’s ‘Goddess of Wealth’ jailed for over 11 years by UK court

Qian Zhimin defrauded 128,000 investors in China from 2014 to 2017 in fraud case that also led to conviction of Malaysian Seng Hok Ling.

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Hong Kong courts

15 in court over Hong Kong’s record HK$1.6 billion cryptocurrency fraud

Lawyer-turned-influencer Joseph Lam Chok, core JPEX figures and promoters facing 50 charges in a case involving more than 2,700 victims.

Joseph Lam Chok, centre, leaves Eastern Court after being granted bail over his alleged role in the HK$1.6 billion JPEX cryptocurrency scandal. Photo: Karma Lo
Hong Kong courts

Hong Kong court restores jail terms for 4 in HK$51 million Convoy fraud case

Ex-Convoy executives Mak Kwong-yiu, Christine Chan and Wong Shuk-on, alongside former securities firm manager Lee Yick-ming, to serve sentences.

Cryptocurrency

China, UK police join forces to recover funds from massive crypto fraud

UK police in 2018 seized digital wallets holding more than 61,000 bitcoins, now worth more than US$6.7 billion.

Hong Kong economy

Hong Kong firms lose US$11 billion to digital fraud in past year: TransUnion

The survey polls 200 managers from Hong Kong companies with at least HK$200 million in annual revenue.

More than half of the Hong Kong respondents to a TransUnion survey are “extremely” or “very” concerned about the business impact of fraud. Photo: Shutterstock
Hong Kong society

Editorial | As Hong Kong hosts more mega-events, a tougher crackdown on scalping is needed

The smashing of a syndicate that allegedly targeted ticket-buyers should be a wake-up call to better protect the city’s concertgoers.

A giant poster of G.E.M.is displayed at Causeway Bay during her concert in Kai Tak Stadium on July 4. Photo: Jelly Tse
South Korea

South Korean ex-first lady Kim Keon-hee arrested amid bribery probe

She and husband Yoon Suk-yeol are the country’s first presidential couple to be simultaneously arrested over criminal allegations.

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Yuan

China’s money launderers exploited a gem of a loophole - Beijing just plugged it

Financial crime watchdog targets dealers of precious metals and gems – and experts say that’s just the start as non-financial sectors come under the money microscope.

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Crime

Ex-chairman of Hong Kong-listed Neo-China surrenders after 13 years on the run

Li Songxiao handed himself over to the ICAC for his involvement in fraudulent property deals worth more than US$42 million.

The ICAC headquarters building in North Point. Photo: Jelly Tse
Banking & finance

Chen Feng, founder of Chinese conglomerate HNA, sentenced to 12 years in prison

The 72-year-old businessman was charged with harming the interests of a listed company, among other issues.

Chen Feng of HNA. Photo: Xiaomei Chen
Hong Kong economy

Opinion | As Hong Kong is learning, a deepfake crime epidemic is upon us

Anyone with an image can become fodder for fraud. For a global city like Hong Kong, the threat is not just financial, it is existential.

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China’s crackdowns

China’s internet watchdog cracks down on false financial claims, stock touting

Top cybersecurity agency shuts down more than a dozen social media accounts amid growing concerns over finance influencers.

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