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7 Hong Kong Bankers Arrested in $810 Million Money Laundering Case

22nd January 2021 | Hong Kong

The Hong Kong commercial crime bureau have arrested 7 former and current bankers for involvement in an international money laundering syndicate that had laundered $810 million (HKD 6.3 billion) through Hong Kong banks between 2017 to 2020.  The 7 arrested are former and current banking customer service managers, who had used their knowledge of banking operations and KYC (Know-Your-Client) procedures to assist the syndicate, and received thousands of Hong Kong dollars in return.

” 7 Hong Kong Bankers Arrested in $810 Million Money Laundering Case “

 

The Raid, Arrest of 7 Bankers

Hong Kong, Asia’s leading financial centre

In a series of raids in Hong Kong on the 19th of January 2021 (Tuesday) in 7 apartments and 5 businesses, the 7 former and current bankers were arrested.  $1.01 million (HKD 7.8 million) of cash was also found in the home of one of the suspect.  The 7 bankers arrested (5 men, 2 women) are between 30 to 37 years-old.

 


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HK Commercial Crime Bureau Began Investigation in 2017

In 2017, the Hong Kong commercial crime bureau had began investigating the syndicate, which had sent 16 people (Belgians & Mainland Chinese) to Hong Kong to open 14 business accounts at 2 banks using falsified documents and fake Hong Kong identify cards.

Between 2017 to 2020, about $810 million (HKD 6.3 billion) was laundered through at least 14 bank accounts.  The $810 million of funds came from all over the world including Italy, Vietnam and Germany.

 

Money Laundering Offence Penalty in Hong Kong

In Hong Kong, money laundering offence carries a maximum of 14 years in jail and a $640,000 (HKD 5 million) fine.  In Hong Kong, the largest money laundering case amounted to $1.69 billion (HKD 13.1 billion) between 2009 to 2010 by a then 22-year-old Chinese Mainland man with over 4,800 deposits made.  He was arrested in 2012 and in 2013, was sentenced to 10.5 years in jail.

The police disclosed the information in an official press release.  The names of the arrested bankers and the banks involved in the investigation, were not released.




Caproasia.com | The leading financial website for financial professionals, professional investors and HNW investors. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quicklinks: Caproasia Access | TFC | Caproasia | Jobs








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