插圖來源：
https://pideeco.be/articles/how-is-real-estate-used-money-laundering-aml/
以下兩個真實個案 (Case 1 & Case 2) 可以用「騙徒版購房通」来形容。操作方法非常相似，共通點：
第一步：騙徒首先向受害者籌集資金（詐騙）。Case 1 的中國騙徒（錢志敏）透過推銷理財產品非法集資，然後用比特幣 (Bitcoin) 洗黑錢，牽涉金額逾 50 億英鎊，成為全球歷來最大宗涉及比特幣的案件。Case 2 的外國騙徒（用一間立陶宛公司做門面）用虛擬貨幣集資，然後虛擬貨幣價格急跌，令投資者損手。
第二步：籌集的資金（犯罪收入）透過銀行系統以外的管道（例如：比特幣）跨國轉移，然後購買外國物業（洗黑錢）。Case 1 的中國騙徒用假身份和買來的護照（注意：真假有待查證）入境英國，在他人的協助下購買外國物業洗黑錢。Case 2 的外國騙徒把籌到的錢（犯罪收入）收購銀行，再變成購買多國物業的貸款，又或者是透過銀行直接貸款給幕後玩家。
Case 1 操作比較簡單，Case 2 比較複雜。細節有差異，但結果相同，就是騙來的錢最後轉化成傳統資產，即是多個外國物業，虛變實。買房的錢是騙來的，國產財經用語叫「空手道」。騙來的錢要立即轉移至另一個司法管轄區，尋找停泊的避風港及轉換成表面合法的資金（洗黑錢），有個合法的身份就可以回歸合法的銀行系統和經濟制度，方便日後使用、儲存或投資。這些道理，這個博客的讀者應該明白。熟悉國情的讀者或許會聯想到某位已經爆煲的國產地產商，他的「前妻」（丁玉梅）也是把獲分派的上市公司股息轉移至英國，大手購買多個高级物業。至於騙徒為何鍾情物業，又怎樣利用外國物業洗黑錢，請參考《延伸閱讀》部份提供的參考資料。
結論：讀懂了「騙徒版購房通」的操作方法，你會明白香港特首發表的最新一份施政報告為何沒有提及傳聞中的「購房通」（「港股通」的地產版）。香港是中國常用的洗黑錢中心和走資渠道，有不少大陸資金購入香港物業，然後中國經濟出事，大陸商人的資金鏈斷裂（提示：陳紅天），連累本地銀行，令壞賬比率大幅上升，高層換人，刀手就位。銀行體系內的商用物業壞帳有待處理，令金融監管機構很頭痛（提示：壞賬銀行 Bad Bank）。在這種情况下，提出「購房通」概念的人若非脫離現實，便是某個利益團體的代言人。這種人有沒有政治觸覺，對香港的繁榮穩定有沒有貢獻，自己想。
Case 1
全球最大宗比特幣詐騙案開審
中國籍女子洗黑錢逾 50 億英鎊認罪候判
AASTOCKS
(2025 年 9 月 30 日)
阿思達克財經新聞 網址: www.aastocks.com
節錄：一名 47 歲中國籍女子被控利用比特幣清洗黑錢，涉額逾 50 億英鎊，成為全球歷來最大宗涉及比特幣的案件。案件周一 (29 日) 在倫敦 Southwark 皇家法院開審，被告承認控罪。法官將案件押後判刑，被告須還柙。而其共同被告 Seng Hok Ling 是否也會認罪，抑或迎戰審判，很快就會揭曉。該案追查歷時七年，受害人數高達 12.8 萬人，被告透過龐氏騙局誘騙他人作出虛假投資，三年內取得 430 億元人民幣。
案件被告是 47 歲的 Zhimin Qian（錢志敏），又名Yadi Zhang。她被控一項保有犯罪所得財產罪，及一項轉移犯罪所得財產罪。案情指，錢志敏於 2014 年至 2017 年間，以天津藍天格銳電子科技有限公司名義，在中國推銷投資理財產品，聲稱穩賺不賠，吸引了近 13 萬人投資。
倫敦警察廳稱，在錢氏搜出總計達 6.1 萬枚比特幣(現市值 51 億英鎊)，並指她利用假文件離開中國，亦進入英國，並企圖透過購買房地產物業清洗黑錢。錢亦獲一名 44 歲外賣人員 Jian Wen 協助處理詐騙得益，Wen 被判囚 6 年 8 個月。Wen 亦動用逾 50 萬英鎊在杜拜購買兩項物業。警察廳在 Wen 搜出價值逾 3 億英鎊的比特幣。警察廳補充，該宗詐騙案仍在調查中。
Case 1
CHINESE
MASTERMIND IN WORLD'S LARGEST CRYPTO LAUNDERING CASE PLEADS GUILTY IN LONDON;
SHE USED HER SAINT KITTS CBI PASSPORT TO FLEE CHINA AND OPERATE HER SCHEME IN
THE UK FOR YEARS WITH IMPUNITY
Kenneth Rijock
Sept 30 2025
https://rijock.blogspot.com/2025/09/chinese-mastermind-in-worlds-largest.html
Excerpt: While most of the attention directed to the use of Caribbean Citizenship by Investment (CBI/CIP) economic passport holders from China to engage in financial crime and National Security offenses has been seen in the United States, the widespread abuse of these identity documents, mainly issued by SAINT KITTS AND NEVIS and SAINT LUCIA has had a global impact.
This week, in a London Court, the Chinese national known to the UK media as the Bitcoin Mastermind, ZHIMIN QIAN（錢志敏）, entered a plea of guilty to two cryptocurrency money laundering charges involving fraud in the equivalent of many billions of dollars, committed in China. Qian used a Saint Kitts & Nevis CBI passport to flee China in 2017, to avoid criminal prosecution, and has engaged in a continual life of crime since then. She used third parties to assist her in major money laundering activities, as she reportedly does not speak English. She worked the system admirably, from the viewpoint of a career criminal, according to the facts; used someone else's identity got acquire the SKN passport, no questions asked.
While the
case is deserving of study for those engaged in the suppression of
cryptocurrency offenses, we bring it to your attention solely for the purpose
of displaying yet another instance of the continuing
abuse of CBI passport by career Chinese criminals, who are never properly
vetted in the offices of the SKN CIU, due to rampant corruption by the last
three Saint Kitts governments,
（推介原因：作者 Kenneth Rijock 是律師出身，早年服務銀行客戶，結果變成替犯罪集團洗黑錢，為期十年，再改邪歸正成為金融罪案專家，非常有趣。這篇文章把焦點放在錢志敏所用的護照。）
Case 2
Co-Founders
of a Lithuanian Crypto Coin Scooped up Luxury Property While Investors Were
Left in the Lurch
James
O'Brien/OCCRPe Left in the Lurch
Investigation
Once a darling of Lithuania’s cryptocurrency scene, the Bankera digital coin raised tens of millions but has since collapsed in value. The project’s co-founders bought a portfolio of luxury real estate using loans from a bank they owned apparently backed by funds from the crypto coin sales.
Key
Findings
• After an initial surge
of interest in its “initial coin offering,” or ICO, the Bankera digital
currency collapsed, leaving many investors facing losses.
• Meanwhile, a Lithuanian
company that played a key role in the ICO transferred over 45 million euros to
a bank account in the Pacific island nation of Vanuatu.
• The Vanuatu bank that
received the funds had been purchased by three of Bankera’s Lithuanian
co-founders shortly before the ICO ended.
• Soon after, the bank
began issuing millions of euros in loans to companies owned by the same trio —
money that was then used to build a luxury real-estate portfolio, including a
villa on the French Riviera and high-end property in Lithuania.
• The Vanuatu bank
also loaned millions more directly to the three founders, in many cases
with the loans marked as being for “personal use.” These
loans, like those for the properties, were guaranteed by companies the trio
also owned and which were central to the ICO.
• Lawyers for one of the co-founders’ companies denied that the ICO was in any way fraudulent but declined to comment on specific transactions.
（推介原因：這是一個由虛變實的騙局：先用虛擬貨幣集資，然後虛擬貨幣價格急跌，令投資者損手。籌到的錢轉入被幕後玩家收購的銀行，再變成購買多國物業的貸款，又或者是透過銀行直接貸款給幕後玩家。透過虛擬貨幣騙來的錢最後回歸傳統資產，即是一籃子的高尚住宅或金融資產。OCCRP 的全名是 Organised Crime and Corruption Reporting Project，是個專爆黑材料的調查記者組織。）
OCCRP – About Us
https://www.occrp.org/en/about-us
OCCRP is one of the largest investigative journalism
organizations in the world, headquartered in Amsterdam and with staff across
six continents. We are a mission-driven nonprofit newsroom that partners with
other media outlets to publish stories that lead to real-world action. At the
same time, our media development arm helps investigative outlets around the
world succeed and serve the public.
Founded by investigative reporters Drew Sullivan and
Paul Radu in 2007, OCCRP began in Eastern Europe with a handful of partners and
has grown into a major force in collaborative investigative journalism,
upholding the highest standards for public interest reporting.
延伸閱讀／參考資料：
How is real estate used for money laundering?
by Oscar Canario da Cunha
18th
of May 2022
https://pideeco.be/articles/how-is-real-estate-used-money-laundering-aml/
Excerpt: In February of 2022, Transparency International revealed that Russians linked to the Kremlin or with corruption charges had invested £1.5 billion in the UK property market, mostly through companies held in Britain’s overseas territories and crown dependencies. The findings exposed Great Britain as “a global hub for money laundering.” However, criminal investments into real estate markets have been perpetrated for decades and have seeped into every corner of the world.
The link between real estate and money laundering is a global phenomenon and is considered one of the older methods of laundering illegal funds. Investments in property can allow criminals to add a veil of legitimacy and normality to their ill-gotten gains.
Real estate and money laundering
The sector is also attractive due to its profitability, including appreciation of housing over time, re-sale value after renovations, or income generated from rent. This interest doesn’t stop at homes but is also extended to other types of properties such as vineyards and factories.
According to a recent report by Global Financial Integrity (GFI), over $2.3 billion have been laundered in the U.S. real estate industry over a recent five-year period. Transparency International noted that at least £4.4 billion investments in UK real estate came from politically exposed persons (PEPs) in high-risk corruption jurisdictions. Europol also found that 68% of criminal organizations in the EU have used the property market to legitimize their illegal proceeds.
Real estate and crime
Myriads of opportunities worldwide, the use of golden visas, weak regulatory oversight, and the ability to invest large sums of money is what makes real estate a perfect target for money launderers.
How do criminals use real estate to launder money?
Criminals may use a variety of methods to launder money through real estate. The use of shell and front companies established in weakly regulated nations is a method often used to conceal the true identity of the person or persons purchasing a property. This may include individuals involved in criminal organizations or ones that hold an important position, such as politicians or PEPs, that have been charged of corruption or other crimes and are looking to evade sanctions.
Gatekeepers also play a big role in helping crooks. Complicit lawyers, notaries, attorneys, and real estate agents are used by criminals to facilitate the purchase of property. In exchange for money, they may turn a blind eye to the true nature of the funds or the person behind them.
Real estate and gatekeepers
There are a variety of other tricks that lawbreakers may use to clean their dirty funds. These include but are not limited to: sale of property between scheming criminals, purchase of a house to renovate to re-sell for a higher price, loan of money to an associate who pays back the “mortgage” with the necessary documentation (a method known as loan back), or the purchase of undervalued property to be sold at its market value price.
What are examples of money laundering and real estate?
There are countless examples of criminals using the property market for money laundering purposes. Below are four examples from recent years:
2
In 2009, the former president of Taiwan, Chen Shui-bian（陳水扁）, was sentenced to 9 years in prison for bribery and money laundering charges. It was purported that a part of the money he had accepted as bribes was spent in a $2 million apartment in New York.
（推介原因：這篇文章解釋如何用利物業洗黑錢，內文提及前台灣總統陳水扁。）
Dirty
Money
Trust
Issues: Tackling the final frontier in secret property ownership
Steve
Goodrich, Margot Mollat
Transparency
International UK
May
2025
https://www.transparency.org.uk/news/trust-issues-tackling-final-frontier-secret-property-ownership
Excerpt: As new transparency laws bed in, there are fewer places to hide who owns property in the UK. Yet while most homeowners' identities are easily accessible through public records for a nominal fee, a privileged minority continue to shield their assets behind elaborate legal structures known as trusts. These remarkable legal mechanisms – dating back to medieval crusades but still used to manage assets today – offer the wealthy and well-connected a powerful tool to maintain anonymity. New analysis by Transparency International UK now reveals for the first time the true extent of trust-based property ownership across England and Wales.
Through open-source research we found over 170 properties, worth £2.5 billion, bought using suspicious wealth and owned via complex trust structures – 138 of these valued at more than £2.1 billion were bought in the last 15 years. These properties have ties to sanctioned individuals, politically exposed persons (PEPs) from high-corruption-risk countries, and individuals facing corruption-related charges or allegations. This could be the tip of the iceberg, with at least 236,500 properties across England and Wales owned by trust structures, worth at least £64 billion.
（推介原因：這篇文章聚焦英國的物業市場，重點在於如何運用信託隱藏業主的身份。）
Transparency
International UK - Who we are
https://www.transparency.org.uk/who-we-are
We
are the UK chapter of Transparency International - the global anti-corruption
movement. For more than 30 years Transparency International UK have worked to
expose and prevent corruption so that no one in the UK and where the UK has
influence has to suffer its consequences.
深圳富豪
陳紅天炒港樓 10 年狂輸 30 億 山頂屋地勁蝕 7.9 億
BossMind
2025 年 8 月 20 日
節錄：陳紅天，早年在香港地產市場只是毫不起眼的名字。10 年前，開始涉獵香港房地產市場，由亞洲樓王傲璇 OPUS、山頂歌賦山道洋房刷新香港最貴屋地呎價、以至動用 45 億元購入紅磡全新商廈，合共斥資超過 70 億元，一度驚動地產界。然而這一驚，也許只是驚鴻一瞥。一個個著名豪宅淪為銀主盤，一單單蝕讓以億元埋單，隨住歌賦山道洋房最終要狂蝕 7.9 億元賣出。這個曾經豪言「李嘉誠先生在我們身邊算不了甚麼」的「深圳富豪」，最終在香港炒樓 10 年以蝕超過 30 億元，告一段落。
金管局：無意設立傳聞中的壞帳銀行
RTHK （2025-07-17）
https://news.rthk.hk/rthk/ch/component/k2/1813820-20250717.htm
金管局發言人表示，無意設立傳聞中的壞帳銀行，又說據了解，相關銀行亦沒有此計劃。發言人強調，金管局一直要求銀行審慎管理信貸風險，整體而言，香港銀行資產負債表健康，信貸風險可控，撥備充足，銀行信貸撥備覆蓋率超過 140%，盈利良好，相關傳聞並沒有根據。
彭博較早時引述消息報道，部分本港大型銀行正討論成立壞帳銀行，以吸收不良貸款，指出包括恒生銀行和交通銀行在內多間銀行，近期與顧問公司接洽並進行初步討論。恒生回覆本台查詢時表示，不評論市場猜測。
Hong Kong’s
25 Billion Pie of Sour Debt Spurs Talks to Form “Bad Bank”
By Denise Wee and Kari Soo Lindberg
Bloomberg (July 17 2025)
Takeaway:
l The pile of non-performing loans at Hong Kong lenders has grown,
prompting discussions about creating a "bad bank" to soak up the
city's soured debt, according to people familiar with the matter.
l Soured loans increased to $25 billion at the end of March, or 2% of the
total, and may climb to 2.3% by year end, according to Fitch Ratings estimates
based on Hong Kong Monetary Authority figures.
l Jason Bedford, a former UBS Group AG analyst, said "we should be
seeing more distressed sales — it's a little alarming that we're not," and
described the situation for Hong Kong lenders as a "textbook credit
cycle".
《行政長官 2025 年施政報告》
2025-09-17
https://www.policyaddress.gov.hk/2025/tc/policy.html
相關的文章：
數碼貨幣 (Part 4)
2021 年 7 月 3 日
https://xiaoshousha.blogspot.com/2021/07/blog-post.html
節錄：科技發展通常領先於監管制度，當科技開拓出一片新的空間，又或者是各國的法律（暫時）管不到的灰色地帶，就會吸引一大群烏合之眾、失業中年、異族浪人或鬼魅魍魎湧入去，趁亂謀取私利、搶佔市場、建立名氣（稍後套現）、清洗黑錢、累積跟官府談判的籌碼，諸如此類。區塊鏈或虛擬貨幣亦可作如是觀，趁入行門鑑 (Entry barriers) 還沒有升高，遊戲規則還未定形，監管機構還沒有找到適當的應對方法，盡快把事情扭曲成最符合自己利益的樣子，否則來不及。
英倫黑錢
2022 年 3 月 1 日
https://xiaoshousha.blogspot.com/2022/03/blog-post.html
節錄：英國傳媒的看法：中國人很可能繼俄羅斯人之後，利用英國的金融中心地位洗黑錢。英國的政府部門已經準備收緊移民政策及加強相關的反洗黑錢法規。今日的西方世界視俄羅斯和中國為敵人，有這種想法，不難理解（提示：英國和美國因應俄羅斯入侵烏克蘭，準備在金融層面對俄羅斯實施制裁）。如果屬實，那些來自俄羅斯和中國的黑錢，稍後是否又要轉移到另一個地方（傳統的避稅天堂還是網上的虛擬世界）？即是（洗黑錢的）老鼠繼續逃避御貓（監管機構）的追捕？貓捉老鼠（提示：Tom & Jerry），沒完沒了，就是這樣。
金融中心的黑暗面
2020 年 1 月 15 日
https://xiaoshousha.blogspot.com/2020/01/blog-post.html
節錄：外國學者用倫敦做例子，說明金融業過度膨脹之後所帶來的問題：來自共產主義國家（中國和俄國）的黑錢氾濫，令樓價飆升至不合理水平，金融業跟其他行業爭奪資源和人才（而非支援實體經濟的發展），令實體經濟失去生存空間或被掏空或變成賭博工具（提示：食神＋爆漿瀨尿牛丸＋開分店上市集資）。金融業發達有助官商勾結（因為利益交換可以透過金融市場進行），危害民主與自由，加劇貧富懸殊（因為權貴可以合法避稅但是打工仔無法避稅），影響社會流動。外國學者說：金融業過度膨脹，令經濟發展失去平衡，導致災難性的後果（提示：Too big to fail）。每次金融泡沫爆破之後，幾代人的努力煙消雲散，年輕人向上流動更加困難，缺乏安全感，不婚不育，人口老化，日本是好例子。
OPM (Part 1)
2012 年 7 月 6 日
https://xiaoshousha.blogspot.com/2012/07/opm-part-1.html
節錄：香港人熟悉的負資產 (Negative Equity) 便是源於槓桿作用。回歸前夕（97 年的上半年），樓價屢創新高，不少中產階級摸頂入市，付出三成首期（餘款來自銀行貸款），以為樓價有升無跌，結果置業美夢變成負資產惡夢，往後十年，苦不堪言。也有賭性重、計到盡的投資者，用盡槓桿，銀行貸款以外，再向財務公司、地下社團或者地產發產商申請第二按揭，東借西借的結果，是他們只需要付出 5-10% 的首期便可以「上車」（買樓）。他們當中，不乏手持多個物業的資深投資者，也有「師奶兵團」（已婚女人合資炒樓）、廠佬、商家和藝人。
學壞師
2016 年 10 月 7 日
https://xiaoshousha.blogspot.com/2016/10/blog-post.html
節錄：中國的去槓桿之路，會比香港更艱難。病徵很相似，但是萬一中國的地產泡沫爆破，對銀行系統或宏觀經濟所帶來的震盪和傷害只會更大。中國地產市場的去槓桿之路，會比香港更艱難，原因如下：
文章
