Financial Crime · Full chronicle and history

The US Treasury Department announced a $1.2 billion fine against Bank of America for failing to effectively combat border-related money laundering networks and illegal financial activities.

Bank of America was fined $1.2 billion on Tuesday over its failure to effectively identify money laundering and other suspicious customer payments. These funds flowed between the United States and countries including Russia, Belarus, and Mexico, with the fine amount close to a historical record.

On September 14, the US Department of Justice accused two Hong Kong-registered companies, Blessed Trust and Hexa Whale, of using Binance accounts to launder money for the Iranian government and the Islamic Revolutionary Guard Corps. The case involves over $1.5 billion in Iranian oil proceeds, and the US has filed to seize $61 million in previously frozen cryptocurrency assets.

On September 14, the U.S. Attorney's Office for the Southern District of New York filed a civil forfeiture action seeking to seize approximately $61 million in cryptocurrency, alleging that the Chinese companies Blessed Trust and Hexawell used Binance trading accounts to launder money from Iran's black-market crude oil sales, with the related network having laundered more than $1.5 billion in illicit oil funds.

The U.S. Treasury Department announced sanctions against the Singapore-based Xinbi Guarantee platform, saying it has processed approximately $24 billion in assets since 2022 and provided money laundering, victim data and other services to telecom fraud gangs in Southeast Asia and Madagascar; the sanctions order named the Prince Group and the Huione Group; the Justice Department had previously announced the freezing of $52 million in related cryptocurrency.

Social media has been circulating claims that Sun Yuchen has been placed on the Public Security Ministry's internal list of overseas fugitives suspected of economic crimes, along with reports that he left Hong Kong in a hurry.

The U.S. magazine Foreign Affairs published an in-depth investigation estimating that illegal economic activities related to China generate nearly $1 trillion in revenue each year, involving money laundering, fraud, smuggling, and more.

Chinese citizen Lu Jianfei was sentenced to 15 years in prison by the U.S. District Court for the Western District of North Carolina for participating in a transnational drug trafficking and money laundering organization.

Continental Aerospace Technology Company, a mainland aviation technology firm under China's state-owned Aviation Industry Corporation of China (AVIC), has agreed to pay more than $11.77 million to settle a False Claims Act case in which it was accused of improperly applying for US Paycheck Protection Program (PPP) loans for small and medium-sized enterprises during the COVID-19 pandemic.

CCTV cited data from the Ministry of Public Security stating that the number of criminal cases nationwide decreased by 16.1% year-on-year from January to May. However, the phenomenon of multiple regions investing financially in expanding detention centers and prisons has led to external doubts about the real public security situation.

The US Department of Justice took overnight action, raiding Huiwang Group's cloud servers and blocking its cryptocurrency channels.

Media reports revealed that two depositors at Jilin Fuyu Huimin Village Bank had a total of 18 million yuan in deposits misappropriated due to employees forging signatures for loss reports, triggering a situation where depositors have no way to seek rights defense.

On May 4, 2026, the High Court of Hong Kong granted a restraining order applied for by the Department of Justice, freezing HK$8.93 billion in assets belonging to 42 people including Chen Zhi and their associated companies.

Tether cooperated with U.S. law enforcement agencies to freeze over $344 million worth of USDT across two addresses in a single action, and disclosed that cumulative assets frozen in cooperation over the years have exceeded $4.4 billion.

The Ministry of State Security issued a notice warning that the so-called anonymity of virtual currencies is only an illusion; because their flows are covert and difficult to regulate, they have become an important tool for criminals engaged in illegal and criminal activities, breeding security risks on multiple fronts.

In 2025, Hong Kong recorded a total of 89,137 criminal cases, 50% more than the 59,225 cases in 2019. Among them, 43,212 were fraud cases, accounting for half, with victims defrauded of HK$8.1 billion. Fraud cases have multiplied fivefold from fewer than 10,000 in 2019.

Changchun police have cracked a series of underground banking cases, with four gangs involved in transactions exceeding 15 billion yuan, including over 1.2 billion yuan in identified illicit capital outflows.

Macau's Court of Final Appeal delivered its final verdict in the Alvin Chau case, sentencing him to 18 years in prison and confiscating all illegal proceeds for the Macau SAR government.

Data shows that in 2024, the annual number of criminal cases filed by Chinese police (Public Security) exceeded 10 million, a sharp increase compared to 2000, with the majority of short-sentence cases involving various "pocket crimes."

Accounts controlled by Justin Sun transferred approximately $56.10 million to Binance to take part in an event aimed at regular users. After Changpeng Zhao publicly issued a warning, Justin Sun withdrew from the event and returned the rewards.

Procuratorates in Dongguan, Guangdong issued a Red Notice for Huang Youlong through Interpol. Huang Youlong was arrested immediately upon landing in Bordeaux, France, after arriving on a private jet from Iceland.

Between 2008 and 2016, 15 JPMorgan traders systematically spoofed the precious metals markets, resulting in $920 million in fines from U.S. regulators and criminal charges against three traders.

The High Court of Hong Kong delivered its verdict in the case where Choi Yat-fung sued Huang Youlong to recover over 100 million Hong Kong dollars in agency fees and interest. Choi Yat-fung lost the lawsuit, which inadvertently exposed a capital flight network of the elite.

The China Securities Regulatory Commission (CSRC) issued a warning to Zhao Wei and her husband, fined them 300,000 yuan each, and imposed a 5-year securities market ban.

Tomorrow Holding boss Xiao Jianhua was cross-border taken back to the mainland from the Four Seasons Hotel in Hong Kong by state security (MSS) personnel, and his massive network of proxy-held and money-laundering assets began to be investigated.

Zhao Wei's shell company Longwei Media signed a share transfer agreement with Wanjia Culture, attempting to acquire control of Wanjia Culture with high leverage, which ultimately terminated due to financing failure.

Huang Youlong borrowed 60 million euros (approximately HK$280 million) from the Sun City VIP room at Crown Casino in Australia and lost it all within six days, effectively completing overseas money laundering and settlement through casino accounts.

Zhao Wei and Huang Youlong invested HK$3.1 billion to acquire a 9.18% stake in Alibaba Pictures. Confidential documents show that the funds were provided by Xiao Jianhua's Tomorrow Holding, with the couple acting as proxy holders.

Cosar was fined $2.8 million by the US and £600,000 by the UK, and sentenced to three years in prison for harvesting profits in the commodity market by placing fake large orders to lure followers and then instantly canceling them.