• Fri
  • Aug 1, 2014
  • Updated: 3:02pm

Anti-Money Laundering

US monitor says HSBC’s anti-money-laundering fixes leave ‘much work to be done’

HSBC has made some progress in improving its anti-money laundering programme, as required by a 2012 deferred prosecution agreement with the US Justice Department, but there remains “much work to be done”, federal prosecutors said in a court filing on Tuesday.

Wednesday, 2 April, 2014, 5:08pm

Liberty Reserve founder among seven charged over US$6b laundering scam

The founder of an online currency transfer business was indicted in the United States along with six other people in a US$6 billion money-laundering scheme described as "staggering" in its scope, authorities said yesterday.

29 May 2013 - 2:50am 1 comment

Against proposed dirty money law

Director of Public Prosecutions Kevin Zervos advocates the implementation of a civil forfeiture law that would allow the government to seize property before a criminal conviction or even criminal proceedings take place. He claims that this would make it easier to fight money laundering.

29 Apr 2013 - 2:06am

HKMA doubles the guard against money laundering

The Hong Kong Monetary Authority will double its money-laundering investigative team to check for any failure by banks in their control systems to prevent illicit cash flows.

26 Apr 2013 - 5:34am

Chief Hong Kong prosecutor wants easier way to seize dirty cash

Director of Public Prosecutions Kevin Zervos said the fact that prosecutors need a criminal conviction before they can apply for a confiscation order is hampering their efforts.

22 Apr 2013 - 8:34am 6 comments

Our free trade demands justice

Influential groups in Hong Kong seem to have less and less idea of why the territory exists as a separate entity, what makes it distinct and what makes it thrive, for reasons that are hard to replicate elsewhere. 

7 Apr 2013 - 1:42am 5 comments

Tough money laundering law

It might surprise many that in Hong Kong you can be convicted of the offence if you did not know or believe that the money was the proceeds of an offence - in fact, even if you believed it was not, if the court finds (objectively) reasonable grounds for believing it was.

31 Mar 2013 - 2:08am 1 comment

The wrongs of the right-thinking approach to law

Let's split a few hairs here. Note that Mr Zervos does not say the accused knew that he or she was dealing in the proceeds of serious crime, only that he or she knew the facts and circumstances that would lead a right-thinking member of the community to believe so.

28 Mar 2013 - 5:52am 18 comments

Justice ill-served by prosecutions in money-laundering schemes

It is a grotesque injustice that the small cogs in alleged money laundering schemes are now not only being prosecuted, but are given sentences greater than almost any ever imposed on the biggest fraudsters Hong Kong has ever known.

24 Mar 2013 - 4:49am 11 comments

Law that jailed cash mule is still an ass, whenever it was passed

Let's deal with the excuses that Mr Zervos has dished out to us for a rank miscarriage of justice in sending a little old lady to jail for 10 years on a grossly misconceived charge of money laundering.

24 Mar 2013 - 4:49am 10 comments

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