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

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Yuan

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

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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.

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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An electronic board shows Shanghai and Shenzhen stock indices as people cross a pedestrian bridge in Shanghai on April 3. China’s top internet watchdog is targeting social media accounts that spread false information about the capital markets. Photo: Reuters
Hong Kong housing

Steel bar bribery case at CK Asset project in Hong Kong: timeline of events

The nearly 3,000-flat development in Kwun Tong has been mired in controversy even before concerns over steel rebar works.

Corruption in China

Probe into star player at China’s securities body shocks finance sector

Architect of ChiNext hi-tech stock exchange’s 2020 boom under investigation for alleged ‘serious violations of discipline and laws’.

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Crime in Hong Kong

Opinion | Hong Kong must lead in reimagining safety for the AI age

AI has created a dangerous new frontier. The city needs urgent action to protect residents from falling victim to predatory scams.

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According to official statistics, deception caused Hong Kong residents to lose HK$8.52 billion (US$1.1 billion) in the first 11 months of 2024 alone, often in scams enabled by artificial intelligence. Photo: Shutterstock
Banking & finance

Over 70% of Hong Kong executives expect increase in cybercrime in 2025: Kroll

Kroll also says 18 per cent of respondents believe their organisation’s compliance programme is very effective’.

A view of Hong Kong island and Kowloon from The Peak. Photo: Jonathan Wong
Blockchain

Hong Kong lawmaker calls for support of Web3 sector as Tron founder flags fraud

The call comes after cryptocurrency mogul Justin Sun denounced alleged ‘loopholes’ in Hong Kong’s trust regulations.

Hong Kong society

Editorial | Freezing of accounts to tackle cybercrime welcome if done right

Any new laws to fight fraud must be balanced and appropriate to avoid upsetting the city’s reputation for ease and efficiency in handling international transactions.

Singapore

Singapore to consider caning as punishment for serious scam offences

Home affairs minister says caning is a possibility, given how harmful scams are.

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The Merlion statue spouts water at a park with the background of a business district in Singapore. Photo: AP
HKEX

SFC starts insider case against veteran movie producer Raymond Wong

Wong is suspected of counselling or procuring another person to deal in Pegasus shares in 2017 while having knowledge of inside information.

Movie producer and actor Raymond Wong Pak-ming, seen in his office in January 2013. Photo: Handout
Cryptocurrency

Crypto exchange Bybit, hit by largest crypto theft ever, stokes sell-off

After exchange operator loses ether from a cold wallet in a North Korea-linked attack, bitcoin and ether fall as industry enthusiasm wanes.

HSBC

HSBC touts 50% increase in suspicious transactions halted in past year

Hong Kong’s largest lender prepares to launch a new alert system, as it works to educate consumers about potential scams.

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The Philippines

Why closing Pogos won’t solve the Philippines’ China problems

The battle against corruption, crime and Chinese interference that offshore gaming operators represented is far from over, experts say.

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Philippine Interior Secretary Juanito Remulla places the closure sign on a Pogo hub in Cavite province on Tuesday. Photo: AFP
Banking & finance

Cybersecurity regulator to continue crackdown on illegal financial services

Cyberspace Administration of China says it has taken action against a number of accounts on social media platforms.

Hong Kong society

Explainer | ‘Angry Chiu Chow man’: who is Hong Kong’s Chim Pui-chung?

From ‘golden banker’ fame to fiery outbursts, the Post looks at background of former lawmaker found guilty in fraud case this week.

Commodities

Mitsubishi loses US$90 million in suspected China copper fraud

Mitsubishi dismissed Gong Huayong, a Shanghai-based copper trader at one of its China units, after finding that he had made unauthorised trades with local companies.

A view of the Zhengzhou Commodity Exchange in Henan province on April 3, 2019. Photo: Imaginechina.
Singapore

Singapore ends pursuit of 15 laundering suspects who surrendered US$1.4 billion

Much of the illicit funds in the record money laundering scandal came from illegal gambling and unlicensed money lending in China.

Merlion Park. The suspects who agreed to forfeit assets have been barred from returning to Singapore, police said. Photo: Harvey Kong
Banking & finance

Hongkongers suffer more digital fraud than global peers, survey says

Gen Z users are in the crosshairs of online scammers who prowl forums and dating sites for prey, according to TransUnion.

Banking & finance

China Renaissance names missing founder’s wife to chair investment bank

Hui Yin-ching, also known as Xu Yanqing, was designated as the chairperson of the bank’s board and executive director effective October 9, Renaissance said.

Hong Kong Monetary Authority (HKMA)

Hong Kong’s financial regulator introduces a responsibility plan as scams surge

About HK$4.5 billion in losses have been incurred from scam and fraud cases in the city in the first six months of 2024.

People pass through Hong Kong’s financial district. Photo: Dickson Lee
Banking & finance

New HKMA-sought legislation aims for greater transparency in personal accounts

HKMA will submit a bill that would allow banks to share information among themselves on personal accounts that raise red flags.

Buildings in Central at night. Photo: Shutterstock
Cybersecurity

Cybersecurity threats jump in Hong Kong, as victims lose money: survey

Scams are the most common online threat in Hong Kong, causing lost money or time for nearly two thirds of the victims, a new report says.

Hong Kong Monetary Authority (HKMA)

HKMA to consult banks on framework to share scam-related losses

The city’s financial regulator has received more complaints about scams this year, while overall losses grow.

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