Hong Kong Customs yesterday (October 22) detected a case involving a local company that conducted transactions of silver and silver jewellery valued at over HK$120,000, without registration under the Dealers in Precious Metals and Stones Regulatory Regime. An investigation is ongoing. According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime came into effect on April 1, 2023. Any person who is seeking to carry on a business of dea

The Securities and Futures Commission (SFC) and the Stock Exchange of Hong Kong Limited (Exchange) have collaborated in an enforcement action that led to a disciplinary action against Mr Lu Qingxing, former non-executive director, and his son, Mr Lyu Zhufeng, former executive director, of Universal Star (Holdings) Limited (Universal Star) for their failure to procure the disclosure of material information in the company’s prospectus (Notes 1 to 3). The outcome stemmed from th

The Securities and Futures Commission (SFC) welcomes the conviction by the High Court today of Mr Wong Ming Chun of two counts of money laundering charges in relation to misappropriation of the funds of Hua Han Health Industry Holdings Limited (Hua Han) in 2015 (Note 1). Today, Wong, the then financial controller and company secretary of Hua Han, was sentenced to seven years and eight months’ imprisonment in the High Court after he pleaded guilty to the money laundering offen

The Securities and Futures Commission (SFC) showed its support to the market’s initiatives in a seminar organised by the Association of Fund Administrators of Hong Kong and the Greater Bay Area (AFA) last week for raising industry awareness of regulatory compliance standards in the fast-evolving digital asset sector (Note 1).  Dr Eric Yip, the SFC’s Executive Director of Intermediaries, delivered a keynote speech at the seminar comprising over 150 participants, including fund

The Securities and Futures Commission (SFC) has reprimanded and fined UBS AG (UBS) $8 million for deficiencies in its internal systems and controls, resulting in the firm’s failure to ensure accurate classification of professional investors (PIs) for over 12 years (Note 1). The SFC’s investigation revealed that, between 2009 and July 2022 (Relevant Period), UBS verified its clients’ PI status by an automated process which was based upon the firm’s misinterpretation of the min

Please read the link at https://www.austrac.gov.au/about-us/amlctf-reform/reforms-guidance for full article

Department of Justice Files Largest Ever Forfeiture Action Against Approximately $15 Billion in Bitcoin Currently in U.S. Custody BROOKLYN, NY - An indictment was unsealed today in federal court in Brooklyn charging Chen Zhi, also known as “Vincent,” the founder and chairman of Prince Holding Group (Prince Group), a multinational business conglomerate based in Cambodia, with wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced

Following an operation codenamed “Heron” and seeking legal advice after conducting an intensive investigation which revealed that a syndicate engaged in the illegal sale of electronic cigarettes (e-cigarettes) had allegedly delivered e-cigarettes and vaping products to customers through corrupt means, the ICAC today (October 13) charged eight people, including the mastermind of the syndicate and staff members of a logistics company, with total bribes amounting to about $370,0