$600m laundering case uncovered

May 7, 2022

Customs today announced that it detected a suspected money laundering case and arrested four people who were suspected of using personal bank accounts at various banks in Hong Kong, including virtual banks, to launder about $600 million from unknown sources since 2020.


The department has arranged to freeze a total bank balance of $1.7 million held by the arrestees.


Acting on intelligence, Customs officers targeted four local people whose background and financial status were highly incommensurate with the large amount of suspicious transactions recorded in their personal bank accounts.


Apart from processing a large amount of money from unknown sources through local bank accounts, they also opened accounts at an overseas cryptocurrency exchange trading platform to deal with cryptocurrencies from unknown sources.


Then they converted the cryptocurrencies into fiat currencies and remitted the suspicious funds out via local banks. They were suspected of engaging in money laundering activities.


After in-depth investigations, the department mounted an operation on April 28, during which it raided four residential premises, five offices and two licensed money changers.


Two men and two women, aged between 32 and 54, were arrested for money laundering. They have been released on bail and an investigation is ongoing.


Customs has not ruled out the likelihood of more arrests.


Call 2545 6182 or send an email to the department to report suspected money laundering activities.

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