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.
South Korea’s Son Heung-min waves to fans after a World Cup qualifier against Kuwait in Seoul in June. Photo: Reuters
Son Heung-min

Woman who blackmailed South Korean football star Son Heung-min jailed: reports

The woman in her 20s accused of extorting US$200,000 from the player last year before trying again with an accomplice this year.

Cryptocurrency

US, Chinese authorities ramp up actions against syndicates running crypto scams

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Cryptocurrency

Video | China’s ‘Goddess of Wealth’ jailed for over 11 years by UK court

Hong Kong courts

15 in court over Hong Kong’s record HK$1.6 billion cryptocurrency fraud

Lawyer-turned-influencer Joseph Lam Chok, core JPEX figures and promoters facing 50 charges in a case involving more than 2,700 victims.

Joseph Lam Chok, centre, leaves Eastern Court after being granted bail over his alleged role in the HK$1.6 billion JPEX cryptocurrency scandal. Photo: Karma Lo
Hong Kong courts

Hong Kong court restores jail terms for 4 in HK$51 million Convoy fraud case

Ex-Convoy executives Mak Kwong-yiu, Christine Chan and Wong Shuk-on, alongside former securities firm manager Lee Yick-ming, to serve sentences.

Cryptocurrency

China, UK police join forces to recover funds from massive crypto fraud

UK police in 2018 seized digital wallets holding more than 61,000 bitcoins, now worth more than US$6.7 billion.

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Hong Kong economy

Hong Kong firms lose US$11 billion to digital fraud in past year: TransUnion

The survey polls 200 managers from Hong Kong companies with at least HK$200 million in annual revenue.

More than half of the Hong Kong respondents to a TransUnion survey are “extremely” or “very” concerned about the business impact of fraud. Photo: Shutterstock
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

She and husband Yoon Suk-yeol are the country’s first presidential couple to be simultaneously arrested over criminal allegations.

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Yuan

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

Financial crime watchdog targets dealers of precious metals and gems – and experts say that’s just the start as non-financial sectors come under the money microscope.

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If China’s dealers of precious metals and gems have reason to suspect that a customer intends to use such transactions to launder money, they must report it. Photo: Getty Images
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.

The number of main reinforcement bars in structural components was, on average, 10 per cent below approved specifications for the Anderson Road project. Photo: Dickson Lee
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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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.

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.

The Cyberspace Administration of China’s headquarters in Beijing. Photo: Baidu
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.

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