Customs smashes money laundering syndicate involving over HK$400m

A money laundering syndicate involving HK$411 million has been busted, says Customs. Four men were arrested.

Customs mounted an operation on Monday and arrested a 36-year-old local man in Tai Kok Tsui, who was suspected to be the mastermind of the money laundering syndicate. 

He recruited three men, all aged 21 and also arrested, to open 64 personal accounts at various local banks within one year since October 2019 for dealing with suspected crime proceeds.

From 2019 to 2021, they made over 9,000 suspicious transactions involving HK$411 million.

Moreover, one of them opened an account on a virtual currency exchange trading platform to deal with virtual currency from unknown sources, while another man dealt with suspected crime proceeds involving a closed local money changer.

The four arrested men have been released on bail pending further investigation. Officers also seized a batch of items, including two computers, mobile phones, bank account statements and bank cards.

Customs said an investigation is ongoing, and the likelihood of further arrests is not ruled out.

The maximum penalty upon money laundering conviction is a fine of HK$5 million and imprisonment for 14 years, while the crime proceeds are also subject to confiscation.