HK Sees Biggest Illicit Cigarettes Bust In 21 Years
"); jQuery("#212 h3").html("

"); });
2022-07-15 HKT 18:46
Customs officers on Friday said they had made their largest seizure of illicit cigarettes in 21 years, as part of a crackdown.
Some 78 million cigarettes with an estimated market value of about HK$220 million were confiscated.
It was one of 20 cigarette smuggling cases uncovered as part of a week-long operation from July 6-12.
Officers said they found 97 million suspected illicit cigarettes in total, in warehouses, shipping containers and a truck they pulled over in Yuen Long.
Twenty-three people, aged between 23 and 71, were arrested.
Customs said they have seized 259 million illicit cigarettes since January this year, which is a 21 percent increase on the same period last year.
Lee Hoi-man, deputy head of the Revenue Crimes Investigation Bureau, said supply chain disruptions last year due to the pandemic might have hindered cigarette smuggling.
"Last year, it was difficult to find a container and even difficult to ship a container from one place to another. During the second quarter of this year, the condition seemed to be stable. They took the opportunity to smuggle a large amount of cigarettes to Hong Kong and then store them in Hong Kong, waiting for the buyers," he said.
Lee said he believes that smugglers had planned to export around 40 percent of the seized cigarettes to other places.
SBI Holdings To Acquire Bitbank In US$289M Crypto Expansion
SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank in a deal valued at approximately US$289 million, w... Read more
4 Ways Hong Kong Banks Fight Financial Crime Using AI, According To HKMA
The Hong Kong Monetary Authority (HKMA) wants banks to use AI in financial crime as a way to counter cyberattacks and s... Read more
Ripple Launches RLUSD Stablecoin In Japan Through SBI Group
Ripple has launched its US dollar-denominated stablecoin, Ripple USD, in the Japanese market. The expansion follows reg... Read more
SBI And Startale Launch Trust Bank-Backed Yen Stablecoin JPYSC In Japan
SBI Group has introduced its trust based stablecoin JPYSC in partnership with Singapore-based fintech company Startale ... Read more
Visa Study: Digital Wallets Lead Greater Bay Area Payment Preferences
Visa has released its latest Consumer Payment Attitudes Study, highlighting how payment seamlessness is linked to a shi... Read more
European And South Korean Banks Form Project Pangea For FX Settlement
Chainlink, South Korean infrastructure provider FairSquareLab, the Unified Korea Alliance (UniKA), and European stablec... Read more
