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Sunday, Jun 26, 2022

Customs detects suspected money laundering case involving HK$350mn

Customs detects suspected money laundering case involving HK$350mn

Customs detected a suspected money laundering case and arrested a woman on Wednesday. She was suspected of using personal bank accounts since 2018 at various banks in Hong Kong to launder a total of about HK$350 million from unknown sources.
Acting upon intelligence, officers targeted a local woman whose background and financial status were highly incommensurate with the large amount of suspicious transactions recorded in her bank accounts. She is suspected of remitting suspicious funds via local banks and participating in money laundering activities.

Officers raided two residential premises and a licensed money changer on Wednesday and seized one mobile phone and four bank cards. A 51-year-old woman was arrested for dealing with property known or reasonably believed to represent proceeds of an indictable offence, commonly known as money laundering.

An investigation is ongoing. The woman has been released on bail pending further investigation and the likelihood of further arrests is not ruled out.

The maximum penalty for money laundering activities upon conviction is a fine of HK$5 million and imprisonment for 14 years while the crime proceeds are also subject to confiscation.
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