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hong kong

In this article, Ajay Shamdasani , Thomson Reuters Regulatory Intelligence, takes soundings on what might be expected from the FATF's Mutual Examination of Hong Kong, the results of which are expected soon.

BIScom Subsection: 

Once more, Hong Kong's Hang Seng website is the victim of a fraudulent copy. It does seem to happen quite often.

Hong Kong Monetary Authority has issued a warning notice and published a list of domain names that IT Security teams might wish to block at server / firewall level for both mail and web access.

BIScom Subsection: 

OFAC says "The U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) today announced a USD344,800 settlement with Richemont North America, Inc., d.b.a. Cartier (Richemont), headquartered in New York, New York, to settle Richemont's potential civil liability for four apparent breaches of the Foreign Narcotics Kingpin Sanctions Regulations, 31 C.F.R. Part 598 (FNKSR). "

Note "apparent" and "potential." The case has lessons for commercial entities, not only financial services businesses, all over the world. It also draws attention to the risks where the USA is out of step with the rest of the world.

Many people, especially those making statements on behalf of companies, are afraid to say "sorry" in case it becomes an admission of liability that brings with it adverse consequences. It's time for change.

Quietly, almost under the counter, the UK's Financial Conduct Authority is preparing itself for life outside the EU with a raft of agreements directly negotiated with regulators around the world.

BIScom Subsection: 

We've had the Arab Spring and we've had various anarchist and anti-globalisation, anti-capitalism and even anti-wealth protests around the world in the past ten years but there is a new, culturally valid, development. It would be wrong to call it a movement but there is a discernible trend: protests against corrupt governments. It started in Malaysia with the Bersih movement but it has gained traction when, in South Korea, the demonstrators were highly influential in removing President Park. The latest country to see such protests is Russia. The most fascinating aspect is that the protests are cross-party, combine left and right: they are true people's movements, carefully targeted.

CoNet Section: 

A note of personal sadness: long, long ago, this writer was considering his future. At the top of the list of highly professional firms that attracted him was Mallesons in Hong Kong. But a family discussion resulted in staying in London and taking a radically different approach. The hankering remained but the shine is wearing off as the now global association of practices is heavily in debt, shedding staff and trying to hive off offices and teams.

CoNet Section: 

While Hong Kong's Securities and Futures Commission was investigating a case of suspected insider dealing, it traced funds to a clients' account by a third party, innocent, broker. The SFC has ordered the broker to block access to those funds and assets represented by part of the funds. There is something unusual about the process.

BIScom Subsection: 

Three people have been arrested, and cash, goods and items used in the commission of offences seized in Hong Kong as police investigate a rapid-fire ATM scam involving data written to mag stripe cards and used in just two ATMs over a two week period.

BIScom Subsection: 

A barrister, charged by Hong Kong's Independent Commission Against Corruption (ICAC), was today (Tuesday) sentenced to one year's imprisonment at the District Court for attempting to steal more than HK$30,000 from two foreign clients by claiming that the sums would be used for hiring a Queen's Counsel (QC) for them.

CoNet Section: 

Hui Wei-chun, 39, unemployed, was jailed for two years and 10 months, and Cheung Kam-lun, 54, merchant, was jailed for two years and nine months in Hong Kong for their parts in laundering schemes. In mitigation, the court rejected a claim that they had been "entrapped" into committing the offence.

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