SFC and ICAC Launch Joint Operation, Five Individuals Arrested

Hong Kong’s Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) announced on Friday that it has successfully launched an operation dubbed 'Jade Qilin' that led to the arrest of five individuals. According to the press release, a former senior executive of an unnamed listed company is among the arrested people.

In fact, both authorities conducted searches on the offices of the listed company and the other parties related to the investigation. The operation is in the wake of suspicious breaches of the Securities and Futures Ordinance about alleged Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term activities performed on the firm.

“In this connection, the management might have engaged in misfeasance or other misconduct prejudicial to the listed company or its shareholders. The ICAC conducted the search and made the arrests for suspected corruption offenses under the Prevention of Bribery Ordinance.” Furthermore, both the SFC and the ICAC pointed out that they will not comment further on the matter as the investigations keep underway.

Cooperation between the SFC and ICAC

Since 2019, both parties have been cooperating after signing an agreement via a Memorandum of Understanding. “The SFC and the ICAC will continue to work closely to tackle the misconduct of listed companies, including suspicious loan transactions and directors’ misconduct, to protect the investing public and maintain the integrity of Hong Kong’s financial markets,” the press release added.

On the same line, in July, the SFC and the Canadian Securities Administrators (CSA) agreed to establish a financial technology or Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term cooperation framework. According to the press release, eight members of the CSA are the participants of the deal arranged by both financial watchdog entities.

The CSA members include the Ontario Securities Commission, Autorité des marchés financiers (Québec), British Columbia Securities Commission, Alberta Securities Commission, Financial and Consumer Affairs Authorities of Saskatchewan, Manitoba Securities Commission, Financial and Consumer Services Commission (New Brunswick) and Nova Scotia Securities Commission.