Financial news
Written by: Yue Yueting
2019-12-21 15:26
Last updated: 2019-12-21 15:27Yesterday, the Spark Alliance, which provides support and fundraising platform for anti-revision storm arrests, was accused by the police of money laundering and frozen bank accounts of about HK $ 70 million. The newly formed Financial Industry Staff Union condemned the incident and criticized the police for questioning its intention to freeze dissident assets and further damage Hong Kong's reputation for a free economy.
The association condemned the police for not linking the Spark Alliance with money laundering without providing sufficient substantive evidence, worrying about setting precedents, or making foreign investors worry that their investments are not protected by law and undermine Hong Kong's status as an international financial center.
The association also pointed out that it is not unusual for Spark to have a large daily cash flow as a large fundraising platform; the police did not provide specific evidence, but mislead the public that Spark is suspected of money laundering, with the intention to name Spark as an illegal organization, And the intention is to make the public stop supporting the protesters because of fear of being guilty.
[Frozen Spark] Police Refers to Fraud and Theft Investigation Barrister: It depends on the company's knowledge
[Frozen Spark] HSBC: Closing the account is not a hasty decision to emphasize that it has nothing to do with the arrest
[Frozen Spark] Suspected Reporting of Bank Staff Suspected by HSBC: Handling in Accordance with International Supervision Standards
Spark Alliance Fugitive Ordinance