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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.
US President Donald Trump and first lady Melania at the Kennedy Centre for the opening night of the musical Chicago on March 31. Oil trades spiked by half a billion dollars minutes before Trump posted a pause on the US attack on Iranian energy sites. Photo: Getty Images via AFP
Banking & finance

Opinion | From the US to Hong Kong, there’s no excuse for insider trading

Far from a victimless crime, insider trading steals from the rest of us by unfairly using knowledge that is available only to the privileged.

Crime in Hong Kong

HK$261 million of frozen crime funds may take 7 years to reach Hong Kong coffers

Crime in Hong Kong

Editorial | Hong Kong police’s fight against scams needs more public support

Crime in Hong Kong

Are Hong Kong foreign exchange firms secure enough?

After a shocking 51 million yen robbery last week, the South China Morning Post examines the risks in the city’s cash exchange trade.

Hong Kong police have arrested six suspects in connection with a 51 million yen robbery in Sheung Wan. Photo: Karma Lo
Crime in Hong Kong

Editorial | Vigilance essential as Hongkongers hit by more online scams

The authorities must take the breach of the eMPF platform seriously, rectify the underlying vulnerabilities and restore confidence in the electronic system.

Mandatory Provident Fund (MPF)

Video | Hongkongers urged to use eMPF to ward off scams

The advice comes with a warning about the recent theft of HK$1.8 million from three MPF accounts by scammers using high-quality ID forgeries.

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Banking & finance

Billionaire detained in shadow banking scandal in China

Police in Zhejiang have imposed ‘criminal compulsory measures’ against Yu Faxiang and are conducting a probe into his alleged wrongdoings.

A 12-metre-tall sculpture of Ultraman Zero stands at an Ultraman-themed venue inside Shanghai Haichang Ocean Park in Shanghai in July 2022. Photo: Getty Images
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

Syndicates either trick or coerce targeted victims to invest in bogus schemes and transfer funds via bitcoin, ether or stablecoins.

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Cryptocurrency

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

Qian Zhimin defrauded 128,000 investors in China from 2014 to 2017 in fraud case that also led to conviction of Malaysian Seng Hok Ling.

China cryptoqueen jailed for more than 11 years by UK court over US$6.4 billion bitcoin fraud
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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.

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.

A giant poster of G.E.M.is displayed at Causeway Bay during her concert in Kai Tak Stadium on July 4. Photo: Jelly Tse
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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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.

Justin Sun, founder of the Tron blockchain, speaks at a press conference on Thursday in Tsim Sha Tsui, where he accused First Digital Trust of misappropriating funds of a stablecoin operator he has links to. Photo: Edmond So
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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