bank on us

Gold is the precious metal associated with Chinese communities the world over, but for centuries silver had a more important everyday function.

Sunday, 7 October, 2007, 12:00am

Lax enforcement over money laundering decried

A senior mainland central bank official has expressed dismay over the lack of law enforcement against money laundering, particularly when its affluent eastern regions had become a gateway for illicit money.

27 Jul 2007 - 12:00am

Remittance operators count on expansion

Locally dominant Filipino companies are feeling the heat from low-cost start-ups

Niche banks targeting the personal-remittance sector in Hong Kong are branching out to compete with a cottage industry of low-cost operators that has sprung up in recent years and as local employers are hiring more Indonesian domestic helpers.

3 Jul 2003 - 12:00am

Manila urged to crack down on money laundering

Foreign banks have threatened to hold hostage the multi-billion-dollar inflow of cash from Filipinos working overseas, if Manila's anti-money laundering laws are not amended.

An estimated US$10 billion (HK$78 billion) are being remitted worldwide each year into the Philippines by four million Filipino contract workers.

2 Dec 2002 - 12:00am

Post Office told to scrap loss-makers

Lawmakers yesterday demanded the Post Office stop operating three loss-making services, saying it would help to reduce its annual $80 million deficit.

But Postmaster-General Luk Ping-chuen said scrapping the three services would not lead to any savings because they were all provided over the counters in the SAR's 128 post offices and involved no extra rent or staff.

18 May 2002 - 12:00am

80 new bank charges introduced

Updated at 3.06pm: A staggering eighty new bank charges have been levied in the past year, a Consumer Council survey revealed on Monday.

Fifteen out of 19 banks had increased or introduced new charges or altered fee structures in remittance, accounts, mortgage, deposits and withdrawals.

15 Jan 2001 - 12:00am

7 years for $46m theft

A man, 35, was jailed for seven years in the Court of First Instance after admitting theft, false accounting and forgery. He used his firm to send false telexes to instruct a bank in New York to remit US$6 million (HK$46.8 million) to three local banks in March 1998.

5 Dec 2000 - 12:00am

Treasury trims costs to hit target early

The Treasury has declared its productivity campaign a success, saying it will achieve its aim of a five per cent saving one year ahead of schedule.

The department is one of three which will be able to meet the target at the end of the second year of the three-year Enhanced Productivity Programme, launched last year.

7 Mar 2000 - 12:00am

HSBC to come under pressure over interest

HSBC is expected to come under pressure to pay interest on remittances it delays crediting to accounts following a ruling against the giant bank.

The Consumer Council said it was likely to investigate procedures and international practices for settling transfers between bank accounts in the wake of the Small Claims Tribunal victory for a businessman.

24 Nov 1999 - 12:00am

New rules on capital affecting remittance

Beijing's move to tighten capital outflows has caused delays among red chips in remitting money to Hong Kong but the mainland-backed companies have played down the impact on operations.

An official of a red-chip firm said the company had observed a slowdown in remittance after the mainland's efforts to prevent capital flight and ensure the yuan's stability.

7 Oct 1998 - 12:00am

Rural poverty deepens

Rural incomes and spending are falling more steeply than expected, a survey in Hunan, Henan and Sichuan provinces found.

The survey, reported in the People's Daily, is a fresh sign that the central government will not be able to boost domestic demand.

11 Sep 1998 - 12:00am

Domestic helpers sharing in financial pain

I refer to the letter sent by a housewife and mother of three entitled, 'Housewife's economic tips' (South China Morning Post, January 27).

10 Feb 1998 - 12:00am

Spotlight on agents to fight money-laundering

Narcotics administrators have targeted remittance agents in an effort to prevent drug traffickers laundering their profits.

The Narcotics Division yesterday announced it would issue guidelines to more than 300 remittance agents, advising them to record all transactions and report any suspicious customers.

31 Jan 1997 - 12:00am

China urged to fight financial crime

POLICE and legal chiefs have been among world financial crime experts helping China implement money-laundering laws.

A conference, which finished last week in Japan, was aimed at assessing the mainland's progress in the fight against financial crime.

18 Dec 1995 - 12:00am

Bank transfer takes its time

HONG Kong I am told, is one of the financial centres of the world. It also has the reputation of having some of the most up-to-date electronic banking facilities available anywhere. So I was not impressed when the money I had asked a major local bank to transfer to Taiwan on September 3 had not arrived by the morning of September 8.

24 Sep 1993 - 12:00am