A MERCHANT has been charged with money laundering for Australian-based drug traffickers. Police believed the proceeds of the drug business amounted to A$16 million (HK$92.56 million), Eastern Court heard yesterday. Shing Siu-ming, 33, is accused of handling part of the money - about A$643,000 - for the four alleged traffickers between November 7 and 10. The court was told Shing should have had reasonable grounds to believe the money came from drug deals in Australia and Hong Kong. His Hong Kong bank accounts, containing more than HK$10 million, had already been frozen, the court heard. No plea has been entered. Magistrate Yung Yiu-wing adjourned the case until December 28 for inquiries. He remanded Shing in custody.
