Tweet Diamond smuggling into Vancouver The Ming Pao Saturday Magazine has an interesting story on the arrest of two men from Hong Kong who attempted to smuggle $120 million worth of diamonds into Canada. The diamonds were strapped to their legs and are believed to be proceeds of crime. The story discusses the issue of […]
Tweet Money Laundering Bulletin in the UK has a good article out today on the anti-corruption drive in China and its impact on the casinos in Macau, which explores the anti-money laundering lapses and lack of legislation in the gambling industry in Macau, and the corresponding increase of trade-based money laundering in China. Trade-based money laundering […]
Tweet Law Commission notes violent methods of gambling debt collection According to a Consultation Paper prepared by the Law Reform Commission of Hong Kong, debt collection in Hong Kong is a significant and violent problem, mostly arising from gambling debts incurred locally and in Macau. Loan sharks in Macau and Hong Kong account for 21.4% […]
Tweet Surprising criminal conviction of two Hong Kong tycoons In a surprising decision, the Macau Court of First Instance has convicted two high-profile Hong Kong businessmen of money laundering. Joseph Lau Luen-hung, and Stephen Lo Kit-sing, each received a sentence of five years and three months in prison and were sentenced in absentia. Mr. Lau […]
Tweet Money laundering For junket operators Bloomberg has a great story on the rise and fall of Carson Yeung Ka-shing, the Hong Kong businessman and owner of the Birmingham City football club, convicted earlier this week of laundering $93 million through, inter alia, junket operators and casinos in Macau. Mr. Yeung was arrested in June […]
Tweet Money laundering is more prevalent than elsewhere According to a recent survey of business people who operate and do business in Hong Kong and Macau, money laundering is a huge problem and in fact, is more prevalent there than anywhere else in the world. The results of the survey which were reported in South China […]
Tweet Canadian funds carried by money mule to China The Court of Appeal for Hong Kong has upheld the money laundering conviction of a woman who acted as a money mule to China, and increased her sentence to two years. The decision, HKSAR v. Ngai Fund Sin Apple is one of a series of criminal […]