Tag: Financial crime

Regulatory Watch News

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  Croatia: Four individuals and two companies indicted for subsidy fraud in a probe involving the construction of a briquette production plant

  European Public Prosecutor's Office

  September 18, 2026

  (Luxembourg, 18 September 2026) – The European Public Prosecutor’s Office (EPPO) in Zagreb (Croatia) has filed an indictment against four individuals and two companies for subsidy fraud involving the misuse of EU funds intended for the construction of a new briquette production plant. As previously reported, the investigation revealed that one of the indicted companies was a beneficiary of an EU subsidy for a construction project co-financed by the European Structural and Investment Funds (ESIF) and Next Generation EU’s Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU). The funds were envisioned for the construction of a new briquette production plant, with eligible procurement costs amounting to €945 858, out of which 45% were non-refundable.

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  SFC obtains continuation of worldwide freezing orders against Lo Kai Bong and Major Success Group Limited

  Securities and Futures Commission

  September 18, 2026

  The Securities and Futures Commission (SFC) has obtained from the Court of First Instance an extension of the worldwide freezing orders against Mr Lo Kai Bong, chairman, executive director and controlling shareholder of LET Group Holdings Limited (LET) and Summit Ascent Holdings Limited (Summit Ascent), and Major Success Group Limited (Major Success) in relation to suspected corporate misconduct (Notes 1 to 4). The freezing orders, which prohibit Lo and Major Success from removing, disposing of, dealing with or diminishing the value of their assets, whether in Hong Kong or elsewhere, up to a total value of HK$146,859,320, shall remain in force until the final determination of the SFC's p

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  Foreign national charged following alleged retailer money laundering scheme

  Australia Federal Police

  September 18, 2026

  A Chinese National is expected to appear before Bail Division Local Court today (18 September 2026) charged with dealing in the proceeds of crime. The man, 21, came to police attention following a report from a retailer regarding possible money laundering and fraud activities occurring in grocery stores. The AFP began an investigation and will allege that between 2024 and 2026, the man was responsible for high-frequency, low-value transactions totalling over $2,000,000, suspected to be proceeds of indictable crime. A search warrant was executed on a home in the Sydney suburb of Penshurst on 17 September, 2026. Investigations seized electronic documents and banking records for further examination.