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A 27-year-old man was convicted for four counts of money laundering and sentenced to a 56-month imprisonment today (September 16) at the District Court.
The Court heard that between June 2009 and January 2010, the defendant had set up four companies with corresponding bank accounts in Hong Kong. Thereafter, he handed over all bank account paraphernalia, including the online banking security devices, to his contact in Israel, in return for EURO5,000.
Police enquiries revealed the four bank accounts were used to deal with suspected crime proceeds of bank frauds with an amount of $69.1 million between June 2009 and January 2010, which had been remitted from France, Germany and Portugal. The funds were transferred through those four accounts to the Mainland, Cyprus, Israel, Hungary, Poland and Belgium.
Officers of the Commercial Crime Bureau arrested the defendant in December, 2010. He was subsequently charged with four counts of ˇĄDealing with property known or believed to represent the proceeds of an indictable offenceˇ¦.
Defendant was convicted of the offences and sentence was handed down today.
Police Report No. 15
Issued by PPRB
Ends/Friday, September 16, 2011
Issued at HKT 21:09
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