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Man jailed for money laundering

     A 27-year-old foreign man was jailed for five years and four months for money laundering at the Court of First Instance today (May 12).

     The court heard that the male defendant, who was a member of a transnational money laundering syndicate, was arrested in April 2012 and subsequently charged with two counts of money laundering.

     The defendant was convicted of the charges and sentenced today.

     Investigations by officers of the Organized Crime and Triad Bureau revealed that the syndicate had laundered crime proceeds of more than $1.7 billion in Hong Kong.

     The defendant and three other foreign men, aged from 27 to 45, arrested during a Police operation conducted between April and May 2012, were charged for money laundering, and they were sentenced for imprisonment between 4 years 4 months to 5 years and 6 months.

     A total of $147 million worth of cash and properties including 161 kilograms of gold bar, 20 carats of diamond, five kilograms of silver grain, two village houses, and about $56 million cash were seized and will be confiscated. The Police believed that the syndicate was neutralised.

     Police reiterate that money laundering is a serious offence. The maximum penalty is an imprisonment of 14 years. Police are determined to take enforcement actions against transnational organised crimes to keep Hong Kong free from money laundering.

Ends/Monday, May 12, 2014
Issued at HKT 19:45


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