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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.
Scam cases in Hong Kong fell by 2.9 per cent last year compared with the year before. Photo: Shutterstock
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?

Crime in Hong Kong

Editorial | Vigilance essential as Hongkongers hit by more online scams

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.

Hongkongers urged to sign up for eMPF platform as defence against scams
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.

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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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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.

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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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.

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.

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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.

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.

A video showing the “despicable banana”, a new villainous mascot representing online scammers, has been released by the HKMA. The pronunciation of banana in Cantonese is the same as the word for falling into the traps of scammers. Photo: HKMA
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.

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.

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