Vietnam 

Government to crack down on trade fraud – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    The General Department of Customs is developing a process to check goods which are often subject to trade fraud. — Photo tapchitaichinh.vn   HÀ NỘI — The Government will adopt stricter penalties to prevent foreign goods being exported to the other markets under Vietnamese labels to avoid tariffs. Experts forecast that firms exporting goods from countries subject to high tax rates would find ways to illegally transfer the goods to Việt Nam and then export them to the US, Europe and Japan to circumvent the ongoing US-China trade dispute. Nguyễn…

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Philanthropy recipients seek to draw a distance with Hong Kong’s alleged fraud mastermind and key figure of Enigma Network

Roy Cho Kwai-chee, the alleged mastermind in one of Hong Kong’s largest financial fraud investigations, appears to be a persona non grata as far as the recipients of his philanthropy are concerned.The Education University of Hong Kong, which named the main administration building after him on the back of a HK$25 million donation (US$3.2 million) in 2016, is trying to remove his name, according to two sources familiar with the matter.The nearly 9,000 students and staff at the university, which… Source link

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Singapore 

Jail for man linked to $37.4m fraud case, Singapore News

SINGAPORE – A Singapore-based company director has admitted in court his connection to a 2008 case in which Citibank in New York was duped into transferring US$27.2 million (more than S$37 million) from the corporate account of the National Bank of Ethiopia (NBE) to various beneficiaries worldwide. On Thursday (May 16), a Singapore district court heard that between Oct 2 and 16 that year, Citibank received 24 payment instructions purportedly sent by NBE and it later transferred the money to various other accounts in countries such as Australia, Japan and…

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Vietnam 

Fight against origin fraud to be enhanced – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Violations of “made-in-Việt Nam” labelling would be strictly handled. — Photo tienphong,vn HÀ NỘI — The National Steering Committee for Combating Smuggling, Commercial Fraud and Counterfeit Goods has asked the handling of violations related to “made-in-Việt Nam” origin fraud to be enhanced. The order came amid a reported flow of foreign-made and counterfeit products labelled as “made-in-Việt Nam”, especially consumer and fashion goods, which was causing a loss to the State budget revenue and damage to consumers as well as negatively affecting domestic export firms. Fighting origin fraud was essential…

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Vietnam 

Customs reforms must prevent fraud and help trade: Deputy PM – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

HÀ NỘI – Reforms to customs checks and procedures must facilitate trade and prevent fraud at the same time, Deputy Prime Minister Vương Đình Huệ said, urging for enhanced supervision to ensure the quality of the process. Huệ spoke on the issue at a conference held by the Việt Nam Fatherland Front on Monday. He said customs reforms in recent years had removed or simplified 70 per cent of procedures, even more than the Government’s target of 50 per cent. This helped save an estimated 12 million working days and more than VNĐ5 trillion (US$212.7 million) for…

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Hong Kong insurer Blue Cross adopts blockchain to speed up medical claims, eliminate fraud

Hong Kong’s insurance firms are fast embracing technology to keep up with their more nimble rivals.On Tuesday, Blue Cross (Asia-Pacific) Insurance said it has become the first insurer in the city to launch a blockchain-backed solution to speed up medical insurance claims and prevent fraud, adding that the distributed ledger technology will also help the company cut costs.Rivals Prudential, HSBC Life and Bowtie Insurance have started selling insurance products and processing insurance claims… Source link

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Singapore police probing report of fraud by Germany’s Wirecard

Singapore police said Monday they are looking into a report of alleged forgery by German digital payments firm Wirecard in its Asian operations, including in the city state. The Financial Times newspaper reported last week it had seen documents from lawyers commissioned by Wirecard, showing they had found evidence of “serious offences of forgery and/or of falsification of accounts/documents” at the group’s Singapore office. “There are reasons to suspect that they may have been carried out to conceal other misdeeds, such as cheating, criminal breach of trust, corruption and/or money…

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Singapore 

Chiropractor, 2 agents charged over insurance fraud involving more than $14,000, Singapore News

SINGAPORE – A chiropractor was taken to court on Tuesday (Jan 22) after he allegedly worked with two insurance agents to cheat Manulife Singapore of more than $14,000 by submitting bogus personal accident claims by 12 people who were covered by the insurer. Shareholder of Chiropractic Focus Group Charles Loo Boon Ann, 29, is accused of committing the offences with Priscilla Tien Ling, 27, and Mike Chew Jun Yong, 36. Loo was charged with 17 counts of cheating while Tien faces 12 charges for similar offences. Chew was handed nine…

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Tencent Music executive sued for fraud ahead of US$1.2 billion IPO

An executive of Tencent Music Entertainment Group, the music industry spin-off of China’s biggest social network operator Tencent Holdings, faces an accusation of defrauding and coercing an early investor to sell his equity stake, ahead of the company’s planned initial public offering on Wednesday in the US. Chinese investor Guo Hanwei claimed that Xie Guomin, co-president of Tencent Music Entertainment, “used misinformation, threats and intimidation” in 2013 to force the investor to sell his equity stake in Ocean Music, a company Xie co-founded and merged with Tencent Music to become…

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Three missing chairmen among top 10 most wanted fraud suspects in Hong Kong

Three former chairmen of Hong Kong-listed companies are among the 10 most wanted people on a new list of suspected fraudsters published by the city’s financial watchdog. For the first time in its 30-year history, the Securities and Futures Commission (SFC) is directly asking for the public’s help in tracking down fugitives wanted in connection with financial crimes. The regulator is also urging people to come forward if they suspect fraud, insider dealing, false trading or any other type of market misconduct. All they have to do is fill in…

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