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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.
Chinese authorities have shut down around 10 social media accounts for illegally recommending individual stocks. Photo: Reuters
Shenzhen

Hot tips, cold reality: China targets online stock scams luring novice investors

Crackdown targets social media accounts offering bogus stock tips, paid groups and AI-driven tools amid surge in retail scams.

Southeast Asia forced-labour scams

Video | Inside a scam centre on the Cambodia-Thailand border

Banking & finance

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

Crime in Hong Kong

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

Trials and other legal procedures must first be completed before funds can be deposited into treasury, insider says.

Money seized during an operation combating money laundering is displayed at police headquarters in Wan Chai. Photo: Edmond So
Crime in Hong Kong

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

Scams might be down in Hong Kong but they still comprise nearly half of all crimes. Vigilance and community support are vital.

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.

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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.

Commuters cross the street in Hong Kong’s Central district on October 20. Photo: Sun Yeung
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.

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.

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.

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

videocam
Cryptocurrencies like bitcoin play a major role in sophisticated criminal enterprises that involve complex money-laundering networks. Photo: Shutterstock
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.

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.

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.

The top court handed the ICAC the final victory in its eight-year fight. Photo: Warton Li
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.

British police in 2018 seized digital wallets holding more than 61,000 bitcoins as part of an investigation. Photo: Shutterstock
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.

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.

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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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A South Korean court approves the arrest of former first lady Kim Keon-Hee. Photo: AP
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.

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.

Chen Feng of HNA. Photo: Xiaomei Chen
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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Hong Kong Financial Secretary Paul Chan Mo-po became the subject of a deepfake deception earlier this year as the authorities warned the public not to believe a video touting a new government investment opportunity. Photo: Handout
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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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.

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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Wang Jianjun, vice-chairman of the China Securities Regulatory Commission, pictured at an investment summit at Hong Kong’s Four Seasons Hotel in November 2023. Photo: May Tse
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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According to official statistics, deception caused Hong Kong residents to lose HK$8.52 billion (US$1.1 billion) in the first 11 months of 2024 alone, often in scams enabled by artificial intelligence. Photo: Shutterstock
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’.

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.

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