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A 50-year-old male Mainlander was jailed for forty-six months today (July 14) for money laundering.
The Court heard that Police received a report from an overseas company in September, 2013, that the company had emitted 650,000 euro to a bank account in Hong Kong upon request from a man allegedly to be a staff member of its subsidiary company.
Investigations of the Commercial Crime Bureau revealed that the defendant set up a local company through a secretarial company in Hong Kong in May 2013. He later came to Hong Kong and opened a bank account for the company. Between June and September of the same year, the account handled a total amount of approximately HK$513 million suspected crime proceeds, including the crime proceeds from the above case.
Police arrested the man in October, 2013, and charged him with one count of "Dealing with property known or believed to represent proceeds of indictable offence". The defendant was convicted of the offence and the sentence was handed down today.
Police reiterate that money laundering is a serious crime. Knowing or having reasonable grounds to believe any property in whole or in part, directly or indirectly represents any proceeds of an indictable offence, and deal with that property shall be liable to money laundering. The maximum penalties of this offence is a fine of $5 million and sentenced to imprisonment for 14 years.
Ends/Monday, July 14, 2014
Issued at HKT 20:17
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