Six Arrested In HK$3bn Money-laundering Case

Customs officers said on Monday they'd cracked a HK$3 billion money-laundering case, arresting six people.

Officers allege that five of the suspects – from the same family – had used more than 100 personal bank accounts to handle proceeds from unknown sources and shell companies since 2018. They were arrested last Thursday.

The licensee of a money changer in Sheung Wan was also taken into custody after authorities discovered what they said was an unusually large amount of transactions – totalling up to HK$170 million – between the licensee personally and the family.

Officers said one of the five family members worked as a manager at the money changer.

"We are very suspicious that the assets held by these family members are not commensurate with their profile and their financial background," the head of customs' Syndicate Crimes Investigation Bureau, Mark Woo, said.

"Two of the family members are unemployed while the others are declared as technician, manager and customer service officer, and their monthly salaries range from HK$15,000 to HK$30,000.

"However, they had HK$15 million in bank deposits and held two land properties valued at HK$7 million and HK$8 million respectively. And we suspect this family had hidden income which may be the proceeds from assisting money laundering."

Officers have frozen HK$30 million worth of assets of the family and suspended the operating licence of the money changer.

The suspects are aged between 25 and 62. Customs officers did not rule out further arrests as their investigation continues.