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Man jailed for money laundering

     A 66-year-old man was jailed for two years and six months for money laundering at the District Court today (January 17).

     The court heard that the defendant was asked to help receive a substantial sum of $14 million and remit the sum to a bank account in Cambodia in August 2008.  The defendant complied without making any clarification of the source of funding. The money was in fact crime proceeds of a fraudulent share sale earlier.

     The case was reported to Police in June 2010. After investigations, officers of the Commercial Crime Bureau arrested the defendant in July 2011. He was subsequently charged with one count of dealing with property known or believed to represent the proceeds of an indictable offence.

     Defendant was earlier convicted of the offence and was sentenced to jail today.

Police Report No. 234

Ends/Tuesday, January 17, 2012
Issued at HKT 22:47


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