China

What is the USA's "Holding Companies Accountable Act"

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US Act S.945 2020 - 16th Congress - Federal Law.

CoNet Section:

Compliance

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USA continues to poke China with its Hong Kong related Sanctions.

On 16th July 2021, the US Department of the Treasury through its Office of Foreign Assets Control (OFAC) added to its list of sanctioned persons as part of the USA's continued action relating to legal and regulatory changes made in Hong Kong. They are imposed by Biden under a Trump era Act created to impose sanctions with respect to foreign persons involved in the erosion of certain obligations of China with respect to Hong Kong, and for other purposes."

Publication:

Sanctions In Action

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While you weren't watching....

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The USA is using Taiwan to bait China, as it did with Hong Kong, and China is responding.

CoNet Section:

Security and Society

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Anatomy of a webform fraud with one very strange feature

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As internet crime spikes with coronavirus related fraud, an oldie - the work for us and we'll pay you - fraud returns. The anatomy of this one is interesting.

FCRO Subsection:

Financial Crime News

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Is your website blocked from China?

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It's a valid question - indeed, not only businesses outside China need to know if their sites can be accessed by the world's largest (apparently) biggest on-line population but people within China need to know whether the site they can't reach is blocked or there is some other reason.

Here's a handy short list of services that will help.

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Attitudes to Chinese money

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There is a raft of cases around the world involving money seemingly of Chinese origin. Here's a Q&A on the issue.

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Sold as a "takeover," the regulatory action against Baoshing Bank is much more than that.

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In the North West of China, in the district of Inner Mongolia, a small private bank started to get into trouble. The warning signs, with hindsight, were apparent but it's a kind of problem that, while common in Russia a couple of decades ago, is not usual in China. The results, however, are predictable for both financial and cultural reasons.

BIScom Subsection:

Crowdfunding

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ASIC, ASX, EY, TTC and TCM: the alphabet soup of suspicious market activity in a company that delighted in the trademark "Fuqiao"

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The Australian Securities and Investment Commission has applied to the Federal Court to wind up Traditional Therapy Clinics Limited (a Chinese Traditional Medicine company) after it was delisted by the Australian Stock Exchange and has asked the court that two members of Ernst and Young be appointed as liquidators.

So, now you know what all the letters mean, let's get on with the story which is, in part, about Red Stox and the continuing risks some of them pose for shareholders, regulators and sponsors to say nothing of those usually small businesses which put their faith in them ....

CoNet Section:

Insolvency

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China's efforts to combat PayTech abuse

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Mobile payments are exploited by criminals who use services such as AliPay and WePay coupled with QR codes and while the companies behind the services are, well, behind on customer protection, The People's Bank of China, the central bank, is running ahead of regulators in other jurisdictions to find a solution. Their first idea was harsh. Their second is brutal. Can it work?

BIScom Subsection:

Financial Sector Technology (FinTech)

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PoTUS interferes in US Sanctions regime

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Sanctions have long been a political tool for the USA and they work in many different ways. Chinese telecoms giant ZTE has found itself almost a proxy in the USA's battle with Iran but there are other complexities, too. The result is that President Trump is finding that politics has far more nuance than he thought. The place where he's chosen to try to remove nuance is sanctions. Anyone who still thinks that Trump can't throw out rule-books that have been used for years is flying in the face of the evidence. It would be unwise to bet against him getting the result he wants this time.

Publication:

Sanctions In Action

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Worldwide waste crisis looms as China says it's got enough of its own recylcable material to deal with

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For years, China has been a destination of choice for the world's non-food waste. Plastics, in particular, have been in demand for recycling. But now China's a combination of slowing production and increasing domestic consumerism means that there is enough domestically produced waste and it no longer needs to be the dustbin of the world. Given that there is already a vast global over-supply of plastic waste, can the world cope without China's formerly voracious appetite?

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FinCEN lists Chinese bank under s311 of the USA PATRIOT Act

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We've been here before, or have we? Just six weeks ago was the tenth anniversary of the USA listing Banco Delta Asia of Macau and Hong Kong as being "of primary money laundering concern." But there was scant evidence of wrongdoing by BCA and what there was turned out to be largely made up. Is the Bank of Dandong, a mainland Chinese bank, any more culpable or is the USA back on the track of weapons of monetary destruction that don't really exist?

BIScom Subsection:

Financial and Trade Sanctions

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Australian Federal Police sends laundered funds to China

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As China continues is increasingly effective "Operation Fox Hunt" against corrupt officials who have left China with their spoils, or sent their money abroad in the hope of hiding it, there is growing co-operation between Chinese authorities and those in the countries where people and/or assets are located. Australia is one country that has been helping. But a thorny old question remains.

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Crypto-Currencies - is China being reactionary or sensible?

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The grand-daddy of the current crop of electronic currencies is, of course, Bitcoin. In recent months, its value has appreciated exponentially until it reached more than 5,000 dollars. But it's just the most famous so-called "cryptocurrency" and now the technology is "in the wild," anyone with the necessary, apparently not very advanced, IT skills can make one. China says "enough is enough" and is taking steps to more or less outlaw cryptocurrencies or, at least, to make their use difficult. China has explained its reasoning - and it makes a huge amount of sense. The questions are whether the horse has already bolted, can access to cryptocurrencies outside China be banned and just how much use is it really for money laundering, a main plank of the Chinese objection.

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China's electric dreams Part One - Micro Vehicles - The Return of the Robin?

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China is working incredibly hard to reduce its pollution problems, especially in the north where cold air and industrial outputs conspire to produce thick, choking smog. A stroll around any Chinese city these days will demonstrate the country's commitment to the development and production of electric vehicles. There has been announced a ban on the production and/or import of petrol and diesel powered cars "in the near future" and some say this could be as early as from 2020, Aside from European and Japanese hybrids and the expected re-emergence of Volvo as an electric-only brand, what else has China been working on. We have photos...

CoNet Section:

Automotive Industry

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