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A 48-year-old man and a 48﷿year-old woman convicted of conspiracy to launder money was each sentenced to imprisonment for six and a half years at the District Court today (January 19).
The court heard that between 1991 and 2001, three men, staffs of a bank in the Mainland stole a significant amount of money from the bank. They sent the stolen money to the two defendants, one of the staff﷿s cousin and wife, for laundering in the duo﷿s company.
The theft case in China came to light in October, 2001 and the three staffs fled to the United States in the same month. They were later arrested by the USA Authorities in September and October, 2004.
The victimized bank made a report to the Hong Kong Police in October 2001. The Financial Investigations Division of Narcotics Bureau took over the case and conducted an investigation against the trading company run by the two defendants.
The duo was later arrested for conspiracy to launder money on 18 and 22 October, 2001 respectively.
Investigations revealed that the duo used the company to launder around $6.5 billion between 1995 and 2001. Around $850 million was recovered and restrained by the Hong Kong Police.
The 48-year-old man and the 48-year-old woman were later jointly charged with one count of conspiracy to launder money and the sentence was handed down today.
Police Report No. 3
Ends/Friday, January 19, 2007
Issued at HKT 16:21
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