Hong Kong

Enforcement

Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme

By Ranamita Chakraborty | 22/12/2023

Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.

Market Infrastructure

HK AFRC to Start Inspections of Mainland Auditors of HK-Listed Entities

By Sanday Chongo Kabange | 22/12/2023

Under a partnership with Chinese authorities, the AFRC will start to inspect engagements involving audit working papers located on the Mainland.

Enforcement

ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors

By Sanday Chongo Kabange | 21/12/2023

Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.

HKMA Issues Guidance for Banks on Digital Marketing

By Sanday Chongo Kabange | 21/12/2023

Banks are asked to review their digital marketing activities for general banking products to ensure consumer protections are in place.

Enforcement

HK SFC Issues Warning About More Suspicious VATPs

By Sanday Chongo Kabange | 21/12/2023

The SFC said the police have blocked the two platforms in Hong Kong over suspected fraudulent activities related to virtual assets.

Market Infrastructure

Hong Kong to Revive Immigration Scheme for Investors

By Nithya Subramanian | 21/12/2023

The minimum investment stands at HK$30mn and includes a mandatory financial commitment to bolster local technology and innovation.

Capital / Liquidity

HKMA Addresses Rumours that Banks are Calling in Loans

By Mark Johnston | 21/12/2023

Rumours have emerged that banks are demanding early repayments from borrowers whose collateral values have fallen. The HKMA says this is not the case.

Sanctions

OFAC Sanctions Hong Kong, UAE Firms for Russian Oil Trades

By Editors | 20/12/2023

US aims to strengthen G7 oil price cap sanctions with asset freeze on Russian state-owned ship manager and Hong Kong and UAE companies found trading Russian oil above the cap.

Market Infrastructure

SFC Reminds Market of Coming Changes to Position Limit Regime

By Mark Johnston | 20/12/2023

The SFC has published an FAQ and updated its guidance note to help market participants understand the amendments, which come into force on Friday.