Hong Kong Customs cracks down on money laundering syndicate involving over $32m

HONG KONG -- Hong Kong Customs announced on Thursday that they had smashed a money laundering syndicate involving 2.5 billion HK dollars (about $32.21 million).

Acting upon intelligence, customs officers targeted a suspected money laundering syndicate and mounted an operation between April 15 and 19, when they raided four residential premises in Tai Po and Yuen Long in the New Territories. Five men and one woman suspected to be involved in the case were arrested for money laundering.

Initial investigation revealed that the six arrested persons had opened about 60 personal bank accounts at various banks in Hong Kong and had made over 2,600 suspicious transactions involving 2.5 billion HK dollars in total between January 2018 and February 2020.

Among the six arrested persons, four were suspected to be the core members of the syndicate who were engaged in processing suspicious transactions and recruiting others to assist in processing suspicious transactions. The other two were suspected to be recruited for engaging in money laundering activities.

The customs said that the case is still under investigation and they did not rule out further arrests.

Under Hong Kong's Organized and Serious Crimes Ordinance, the maximum penalty of money laundering is a fine of 5 million HK dollars and imprisonment for 14 years upon conviction. (1 US dollar = 7.76 HK dollars)