Hong Kong Customs detects money laundering case involving HK$4.3 million following narcotics investigation, 3 men arrested

2022-09-16

16th September 2022 – (Hong Kong) Hong Kong Customs on 13th and 14th September arrested two persons suspected of dealing with drug trafficking proceeds, following a dangerous drugs case detected in May this year. Altogether three men were arrested for “dealing with property known or reasonably believed to represent proceeds of an indictable offence” (commonly known as money laundering), involving approximately HK$4.3 million.

In May this year, Customs officers detected a dangerous drugs case involving over HK$86 million (in drugs and cash). Five men were arrested and a batch of banknotes worth about HK$640,000 was seized. Among the five, a 63-year-old man was further arrested on the same day for involvement in money laundering under the Organized and Serious Crimes Ordinance (OSCO). Subsequent to an in-depth investigation and fund-flow analysis, two more local men, who were suspected of using betting accounts, personal bank accounts, stored value facility accounts and a money changer in dealing with crime proceeds and participating in money laundering activities, were targeted.

Upon follow-up investigation, Customs arrested the targeted pair, aged 44 and 61, on 13th and 14th September. A residential premises in Lam Tin was also raided, with two mobile phones and some bank account statements seized.

Financial investigation revealed that the trio arrested were suspected of using betting accounts, personal bank accounts, stored value facility accounts and a money changer in dealing with crime proceeds and participating in money laundering activities involving about HK$4.3 million in total between January 2016 and May 2022. 

Investigation is ongoing. The likelihood of further arrests is not ruled out.

Source: Dimsum Daily