Cambodia says it has extradited to China a billionaire businessman accused of masterminding a vast cryptocurrency scam in which trafficked workers were lured to forced labour camps to defraud victims globally. Chen Zhi was among three Chinese nationals arrested on 6 January after a joint investigation into transnational crime lasting several months, Cambodia said. The US charged the 37-year-old last October with running internet scams from Cambodia that it said had stolen bil

The Securities and Futures Commission (SFC) has reprimanded and fined Saxo Capital Markets HK Limited (SCMHK) $4 million for failures in distributing virtual asset (VA) funds not authorised by the SFC and VA-related products (collectively, VA Products) on the firm’s online trading platform (Online Platform) (Note 1). Between 1 November 2018 and 25 November 2022 (Relevant Period), SCMHK allowed retail clients to trade certain VA Products on the Online Platform. These products

A professional money launderer whose criminal enterprise generated more than $120 million for customers must forfeit half a million to the Crown. Musabayoufu Fuati and his co-offender, Daniel Hu, both served sentences of home detention for their crimes, which included laundering money for drug dealers, smugglers and fraudsters. The pair used false identities and a network of disposable “money mules” to make $123 million in cash deposits over three years for their foreign exch

The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight. Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew

We want a market where innovation can thrive, but where people understand the risks. Regulation cannot – and should not – remove all risk. Instead, it should make sure anyone investing in crypto does so with their eyes open. Our proposals apply a similar approach to crypto as we do in traditional finance: clear information for consumers, proportionate requirements for firms, and flexibility to support innovation. What we’re consulting on Admissions and disclosures – Rules for

Hong Kong Customs mounted an enforcement operation codenamed "Mirage" on December 18 and 19 and successfully dismantled a money laundering syndicate. Five local persons suspected to be connected with the case were arrested. They were suspected of laundering about $8.9 billion in funds from unknown sources via fictitious trading activities. Acting upon intelligence, Customs targeted three local persons and initiated a financial investigation. It was revealed that the three per

The Securities and Futures Commission (SFC) has withdrawn the restriction notices prohibiting three brokers from disposing of or dealing with proceeds or assets in their client accounts linked to disclosure of false or misleading information in Hua Han Health Industry Holdings Limited’s (Hua Han) financial statements (Notes 1 and 2). The three brokers are: Changjiang Securities Brokerage (HK) Limited; Haitong International Securities Company Limited; and Kingston Securities L

The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) today published consultation conclusions on legislative proposals to regulate virtual asset (VA) dealing and custodian service providers in Hong Kong (Note 1). At the same time, the FSTB and the SFC commenced a further consultation on new regimes for providers of VA advisory and management services. With broad market support, the FSTB and the SFC will proceed with the legis