Taiwan gold seizure tied to money laundering

PUBLISHED : Thursday, 06 December, 2012, 1:29pm
UPDATED : Thursday, 06 December, 2012, 1:29pm
 

Police say they have seized US$3.8 million worth of gold ingots from a Taiwanese man suspected of laundering money for crime rings in Hong Kong.

Police say gold ingots weighing 64 kilograms along with NT$29 million (US$1 million) in cash were seized on Wednesday at a jewellery shop, one of 19 shell companies set up by Shih Sung-lin to launder money.

Shih has been arrested in the case. He denied wrongdoing.

Police say the crime rings have wired more than NT$100 billion to Taiwan since 2006 by wiring small sums to countless dummy accounts to evade foreign exchange restrictions.

Local media allege that Taiwan has replaced Macau as a preferred site to launder money for corrupt Chinese officials in the wake of the territory’s 1999 handover to China.

Share

Send to a friend

To forward this article using your default email client (e.g. Outlook), click here.

Enter multiple addresses separated by commas(,)

CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.

Related topics