Four Arrested Over 'HK$880mn Money Laundering Case'

Customs officers say they have smashed a suspected money laundering syndicate involving a remittance company and an offshore firm that allegedly processed around HK$880 million in crime proceeds.

In what officials say is the largest money laundering case so far this year, three employees at the remittance company are suspected to have conspired with the offshore company by deliberately not carrying out due diligence checks on customers over large-sum remittance transactions between May 2018 and April 2019.

Four people aged between 42 and 61 – the three employees and the offshore company’s director – were arrested for alleged contravention of the Organised and Serious Crimes Ordinance as well as money laundering.

“We do not rule out the possibility that the arrestees used the money service operator to wire large amounts of suspicious money, to different overseas accounts … for example property investment companies, casinos and other overseas remittance companies,” said Mark Woo, the head of the Syndicate Crimes Investigation Bureau.

The remittance company’s licence has been suspended, with its bank balance of about HK$16 million frozen.

Authorities said investigations were continuing and there could be more arrests.