[ap-intact] INFO: Hong Kong banks caught up in ‘boiler room’ money laundering schemes

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According to South China Morning Post, Thailand and Philippines-based "boiler rooms" laundered cash worth hundreds of millions of US dollars through Hong Kong's banking system over the past decade, according to documents released online by aggrieved investors now angling for financial settlements with boiler room kingpins - and the banks that helped them. "The magnitude and scale of cash moving through the accounts is at a level where banks have highly likely violated money laundering regulations," said John, a senior representative of investor network Fraud Recovery Group (FRG), preferring a pseudonym after several FRG members were physically threatened.

Read the story by Benjamin Robertson, in South China Morning Post. http://www.scmp.com/business/money/article/1681719/hong-kong-banks-caught-boiler-room-money-laundering-schemes

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