Customs bust $32 million money-laundering syndicate in Hong Kong
Hong Kong Customs on Thursday announced that they had smashed a money-laundering syndicate involving about $32.21 million U.S.
Acting upon intelligence, customs officers targeted a suspected money laundering syndicate. They mounted an operation between April 15 and April 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.
They 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 Organised and Serious Crimes Ordinance, the maximum penalty for money laundering is a fine of five million HK dollars and imprisonment for 14 years.
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