Hong Kong and India Customs have smashed a syndicate that laundered over HK$500 million of cheap synthetic diamonds passed off as natural diamonds to India. The Customs arrested four men, aged 30 to 56, including the alleged mastermind and core members.
The suspects included a 37-year-old owner of a money exchange company and her 34-year-old brother, who worked in her shop, and 39-year-old sister who served as the director of an investment company, a source familiar with the case said on Friday.
Hong Kong’s Money Laundering and Terrorist Financing Risk Assessment Report has been updated. Having regard to the recommendation of the Financial Action Task Force (“FATF”) for jurisdictions to identify and assess their ML/TF risks and to apply corresponding mitigating measures, …
The Government has tabled the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 at LegCo, which seeks to introduce a registration regime for dealers in precious metals and stones (DPMS) and impose statutory anti-money laundering and counter-terrorist financing (AML/CTF) …
SCMP 3:33pm, 15 Jun, 2022 Senior customs investigator says suspect had allegedly laundered illegal proceeds in series of more than 1,500 transactions between November 2018 and October 2021 Suspect formerly employed by owner of money exchange company arrested in …
To Money Service Operators Counter-Proliferation Financing and Implementation of Targeted Financial Sanctions Identification and Mitigation of Proliferation Financing Risks In October 2020, the Financial Action Task Force (“FATF”) has adopted amendments to Recommendation 1 in “Assessing Risk and Apply Risk-based …
[:en] 70-year-old mainland Chinese woman sentenced to 6 years and 8 months An elderly mainland Chinese woman in 60s opened a bank account in 2011 and allowed it to be used by others. Between March 2011 and June 2012 was …
[:en] COVID-19-related Money Laundering and Terrorist Financing Risks COVID-19 led to an increase in economic disruption includingfraud, cybercrime, misdirection or exploitation of governmentfunds or international financial assistance, which is creating newsources of proceeds for illicit actors. This could lead to …