Hot money's growing underground flow

Along a narrow lane in Hong Kong's Western district sits a clutch of money changers doing more than swapping banknotes for tourists. They are quiet channels of illicit 'hot money' that flows between the mainland and Hong Kong.

Wednesday, 14 March, 2012, 12:00am

Remittance curbs pose hurdle for HK developers in rush to mainland

The enormous growth potential of the mainland property market continues to attract investments by Hong Kong developers, but they are having to contend with restrictions on remitting funds for projects.

In the past two months, rumours have swept the market about remittance problems for overseas developers.

27 Feb 2008 - 12:00am

Developers face remittance hurdles

More Hong Kong developers are faced with the complexity of remitting funds as they increase their involvement on the mainland to make up for limited growth in the local market.

12 Feb 2008 - 12:00am

Silver lining to the brain-drain cloud

What is called the brain drain need no longer be a matter of acute concern for developing countries. That is implicit in the statistics of increasing remittances compiled by Britain's Department for International Development and several world agencies.

1 Aug 2006 - 12:00am

Remittance firms wary of backdoor channels

Competition concerns foreign money-movers as they eye larger share of transfers

Cash remitted into China last year might have accounted for more than 10 per cent of the global cross-border remittance market but firms eyeing a share of the nation's money-transfer business face stiff competition from informal channels, according to Western Union Financial Services.

11 Aug 2005 - 12:00am

The price of creating two Chinas

If nations could replay history, would they opt again for the city slums, migrant ghettos, shanty towns, pollution, congestion and crime - the epitome of urbanisation at varying times - in virtually every country? Would they repeat the demise of rural communities and their cultural heritage, and the loss of economic viability of small towns and villages? Surely not.

25 Nov 2004 - 12:00am

Philippines is too reliant on its workers overseas, experts say

The Philippines' development is being hampered by increasing government reliance on remittances from overseas workers, economists claim.

One prominent expert, Florian Alburo, accused President Gloria Macapagal-Arroyo's administration of laziness for encouraging Filipinos to work overseas rather than formulating economic reforms to stimulate investment.

17 Feb 2004 - 12:00am

Philippines is pushed to act on money laundering

The Philippines is expected to bow to international pressure when legislators meet to tighten laws against money laundering before a key deadline next month.

The Paris-based Financial Action Task Force on Money Laundering gave Manila until February 26 to pass amendments to a law deemed inadequate by international banks and regulators.

23 Jan 2003 - 12:00am

Remittances relaunched

Reciprocal remittance services to the mainland and the Philippines will be provided by the Post Office starting from next month.

Remittance services ceased in 1994 due to keen competition but the Post Office found there were opportunities in having remittances with the mainland and the Philippines because of the large number of domestic helpers.

6 Oct 1999 - 12:00am

Rules to stop money laundering flouted

Money changers and remittance agents are showing a complete disregard for measures to halt money laundering and action must be taken, say officials.

In a paper to legislators, officials give examples of how self-regulation has been flouted.

In April 1995, a remittance agency dealing in large amounts of money was identified.

7 Sep 1999 - 12:00am

Dirty money

Determined to clean up its image as a centre for money-laundering, Hong Kong began putting tougher measures in place five years ago. But it is only now that results are coming through.

5 Jul 1999 - 12:00am