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A 60-year-old man was convicted of seven counts of money laundering offence and sentenced to seven and a half years¡¯ imprisonment by the Court of First Instance today (November 18).
The court heard that between 2003 and 2008, the defendant, holding out as a registered remittance agent and through bank accounts in his own name, dealt with large sum of monies, totalling $2.8 billion, on behalf of his clients whom he had no knowledge of their particulars or the natures of their actual businesses. In return, the defendant received monthly rewards in the amounts between $3,000 and $10,000.
The defendant was subsequently charged with seven counts of ¡°dealing with property know or believed to represent proceeds of an indictable offence¡± under section 25 of Cap. 455, the Organized and Serious Crimes Ordinance (OSCO). He was convicted at the Court of First Instance and sentenced to imprisonment today.
This was the first money laundering case convicted by the Court of First Instance involving a registered remittance agent. Under the OSCO, anyone being convicted for knowing or having reasonable grounds to believe that any property in whole or in part directly or indirectly represents any person's proceeds of an indictable offence and he dealt with that property, he will be sentenced to a maximum imprisonment of 14 years.
Police remind public not to participate in any money laundering activities. Anyone who effects money transfers on behalf of others must also stay vigilant to avoid committing money laundering offence.
Police Report No. 16
Issued by PPRB
Ends/Thursday, November 18, 2010
Issued at HKT 21:20
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