HK gang ‘laundered US$32.2m’
Print Edition
Hong Kong Customs announced yesterday they had smashed a money laundering syndicate involving HK$2.5 billion (US$32.2 million).
Acting on intelligence, customs officers targeted a suspected money laundering syndicate and mounted an operation between April 15 and 19, raiding four residential premises in Tai Po and Yuen Long in the New Territories.
Five men and a woman were arrested for money laundering.
Initial investigation revealed the six had opened about 60 personal bank accounts at various banks in Hong Kong and had made over 2,600 suspicious transactions involving HK$2.5 billion between January 2018 and February 2020.
Among the six, four were suspected to be the core members of the syndicate who were engaged in processing suspicious transactions and recruiting others to help.
The other two were suspected of being recruits.
Customs officials 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 HK$5 million and imprisonment for 14 years upon conviction.
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