The Court of First Instance has jailed two men for up to nine years for dealing with crime proceeds.

Hong Kong Police and the Australian Crime Commission investigated a syndicate suspected to have laundered $70 million between the two jurisdictions from 2003 to 2004. The money is believed to be drug related.

In operations in March 2005, three men and a woman in Hong Kong and a Chinese ethnic Australian man in Australia were arrested. Police also seized HK$70,000 and A$10,000.

Two men, aged 44 and 49, arrested in Hong Kong were charged jointly with one count of dealing with crime proceeds. They were convicted yesterday and sentenced to nine years and four years jail today.

Another 60-year-old man and the 40-year-old woman arrested in Hong Kong were acquitted. The 40-year-old man arrested in Australia has been charged with money laundering.