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A 22-year-old Mainland male was jailed for ten year and six month for money laundering at High Court today (January 23).
The Court heard that in 2010, officers of the Financial Investigations Division (FID) of the Narcotics Bureau were investigating a local bank account suspected in connection with money laundering and revealed that the defendant bought a local company through a secretarial company in July 2009. He then opened a bank account in name of the company and a personal bank account for money laundering involving a total of $13.1 billion suspected crime proceeds.
After investigations, FID officers arrested the defendant on January 28 last year. He was then charged with one count of dealing with property known or believed to represent proceeds of indictable offence. He was convicted of the charged yesterday (January 22) and the sentence was handed down today.¡@
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A total of $5.88 million of deposit in the two bank accounts was restrained. Police would apply to the court to confiscate crime proceeds in accordance with the Organized and Serious Crimes Ordinance, Chapter 455 of the Laws of Hong Kong.
Police reiterate that money laundering is a serious crime. Members of the public should not open a bank account for others or lend a bank account to others for illicit purposes.
Police Report No. 213
Ends/Wednesday, January 23, 2013
Issued at HKT 17:26
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