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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.
The logo of SFC is seen at the office of the Securities and Futures Commission (SFC) in Quarry Bay, Hong Kong, in March 2023. Photo: Yik Yeung-man
IPO

Hong Kong regulators freeze US$15.9 million linked to suspected IPO fraud

Regulator action comes amid broader push to strengthen IPO safeguards after rapid market recovery.

Hong Kong stock market

How South Korea’s tech rout hit Hong Kong – and why regulators stepped in

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Chinese offshore investment

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

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Hong Kong courts

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

Wong, 80, does not give reason for relinquishing bail, but starts serving five-month jail term after being convicted of insider trading.

Film producer Raymond Wong outside Eastern Court in Sai Wan Ho on May 22, the day he was convicted of insider trading. Photo: Sun Yeung
Crime

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

The recent crackdown by law enforcement agencies from 10 jurisdictions on international scams shows the benefit of regional cooperation.

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.

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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.

The trial before Judge Josiah Lam is scheduled to last 25 days. Photo: SCMP
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.

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).

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.

US President Donald Trump and first lady Melania at the Kennedy Centre for the opening night of the musical Chicago on March 31. Oil trades spiked by half a billion dollars minutes before Trump posted a pause on the US attack on Iranian energy sites. Photo: Getty Images via AFP
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.

Money seized during an operation combating money laundering is displayed at police headquarters in Wan Chai. Photo: Edmond So
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.

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.

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.

Commuters cross the street in Hong Kong’s Central district on October 20. Photo: Sun Yeung
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.

Hongkongers urged to sign up for eMPF platform as defence against scams
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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.

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.

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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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Cryptocurrencies like bitcoin play a major role in sophisticated criminal enterprises that involve complex money-laundering networks. Photo: Shutterstock
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.

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.

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.

The top court handed the ICAC the final victory in its eight-year fight. Photo: Warton Li
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.

British police in 2018 seized digital wallets holding more than 61,000 bitcoins as part of an investigation. Photo: Shutterstock
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.

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.

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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A South Korean court approves the arrest of former first lady Kim Keon-Hee. Photo: AP
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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If China’s dealers of precious metals and gems have reason to suspect that a customer intends to use such transactions to launder money, they must report it. Photo: Getty Images
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.

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.

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