Money Laundering

Hong Kong to tighten anti-money-laundering rules

The verdict in former Birmingham City soccer club boss Carson Yeung's money-laundering trial is due on February 28. Photo: Sam Tsang

The government aims to toughen Hong Kong's rules against money laundering so as to obtain a good rating in a review by the Financial Action Task Force in two years' time and bolster the city's reputation as an international financial centre.

Friday, 21 February, 2014, 1:03am

Britain to make full details of company ownership available to public

British Prime Minister David Cameron is on a mission to improve transparency of corporate ownership worldwide. Photo: EPA

British Prime Minister David Cameron is set to announce on Thursday that he will make public a new database of company ownership details designed to expose international money laundering and tax evasion schemes.

31 Oct 2013 - 12:08pm

HSBC wins approval of record US$1.9b money-laundering settlement

HSBC wins approval of record US$1.9b money-laundering settlement

A federal judge has approved HSBC Holdings’ record US$1.92 billion settlement with federal and state investigators of charges that it flouted rules designed to stop money laundering and thwart transactions with countries under US sanctions.

4 Jul 2013 - 1:19am 1 comment

Liberty Reserve tied to Hong Kong, China

An address in Happy Valley cited for Hong Kong firm Extension Asia.

A Hong Kong company, Extension Asia, deposited part of Liberty Reserve's "ill-gotten" funds now demanded by the US authorities at the Hong Kong branch of Bank of Communications, one of China's biggest banks, and a bank in Shenzhen, alleges a US court indictment filed by US prosecutors.

1 Jun 2013 - 4:19am

Liberty Reserve a money hub for crooks: Feds

Preet Bharara, United States Attorney for the Southern District of New York, describes charges against Costa Rica-based Liberty Reserve, one of the worlds largest digital currency companies. Photo: Reuters

When an undercover agent posing as a new client sought to register at the currency transfer firm Liberty Reserve as “Joe Bogus” from “123 Fake Main Street” in “Completely Made Up City,” no one at the company based in Costa Rica objected.

The same client recording digital currency transactions as “ATM skimming work” and “for the cocaine”? Still no problem.

30 May 2013 - 2:49pm

Accounting expert shines light on money laundering cases at Carson Yeung trial

Carson Yeung Ka-sing is being tried over five counts of money laundering. Photo: David Wong

Cash transactions related to casinos, security brokerage firms and jewellery shops might prompt further investigation into money laundering cases, a forensic accounting expert said at the trial of Birmingham City Football Club boss Carson Yeung Ka-sing on Monday.

29 Aug 2013 - 4:13am

Hezbollah link in court dispute leaves Saudi princes red-faced

Hezbollah link in court dispute leaves Saudi princes red-faced

Two prominent Saudi princes are involved in a London-registered company that supposedly facilitated "money laundering" for Hezbollah in Lebanon and helped smuggle precious stones out of Congo, according to allegations in court documents.

18 May 2013 - 2:50am

Chinese suspects seized over drug money scam in Spain

Cash and goods including wine seized in the raids. Photo: EPA

Spanish police have arrested six suspects, including one from Hong Kong, who allegedly laundered hundreds of thousands of euros a week in drug money. Officers exposed a network including two Chinese nationals, one suspect from Hong Kong and three Moroccans in raids at locations including a major Chinese trading estate near Madrid.

10 May 2013 - 3:33am

Firms on Carson Yeung's bank statements not investigated

Birmingham City owner Carson Yeung. Photo: AFP

Police officers investigated only 11 of 19 securities companies appearing on bank statements in the money laundering case of Birmingham City Football Club boss Carson Yeung Ka-sing, a court heard yesterday.

29 Aug 2013 - 4:13am

Court rejects Carson Yeung's bid to ditch reports

Birmingham City Football Club owner Carson Yeung Ka-sing leaves the District Court last week. Photo: David Wong

Birmingham City football club boss Carson Yeung Ka-sing has asked a judge to let him sit outside the dock while the court hears evidence in his HK$721 million money-laundering trial.

29 Aug 2013 - 4:13am

Judge rules Carson Yeung's trial will go on

Birmingham City Football Club boss Carson Yeung Ka-sing

The District Court yesterday dismissed an application by Birmingham City Football Club boss Carson Yeung Ka-sing to halt his HK$721 million money laundering trial.

The hairdresser turned soccer tycoon applied to the District Court on Monday for a permanent stay of proceedings, citing police abuse of process.

4 May 2013 - 6:35am

Carson Yeung had huge surge in earnings, trial hears

Birmingham City owner Carson Yeung leaves the District Court in Wan Chai yesterday. Photo: David Wong

Birmingham City Football Club owner Carson Yeung Ka-sing and his father once reported earning nothing for four or five years, but their income later shot up 300 times to HK$721 million in seven years, a court heard yesterday.

4 May 2013 - 5:38am

Ex-PLA soldier and lover jailed for theft, laundering

A former People's Liberation Army soldier who became an "expert burglar" has been sentenced to seven years' jail, the maximum in the District Court, for stealing millions of dollars worth of jewellery and cash from two industrial buildings.

29 Aug 2013 - 4:13am

Carson Yeung seeks to abort money laundering trial

Birmingham City Football Club owner Carson Yeung arrives at a District Court on Monday. Photo: Reuters

Birmingham City Football Club boss Carson Yeung Ka-sing has pleaded not guilty to laundering HK$720 million and asked the court to close his case for good instead. The hairdresser turned soccer tycoon applied to the District Court yesterday for a permanent stay of his proceedings, citing the prosecution's abuse of process.

29 Aug 2013 - 4:13am

Against proposed dirty money law

Kevin Zervos. Photo: Nora Tam

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

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