Retired woman in Hong Kong who handled HK$6 billion in illicit funds for 300 yuan monthly gets nearly seven years in jail
- The crime, which occurred in 2011 and 2012, is the third-largest money-laundering scheme in Hong Kong’s history
- The woman, 63, allowed HK$5.97 billion to be transferred in and out of the bank account of a company in which she was the sole shareholder
A retired woman in Hong Kong who admitted to handling close to HK$6 billion (US$774 million) in illicit funds for a monthly reward of 300 yuan (US$42) has been jailed for nearly seven years, in the third-largest money-laundering scheme in the city’s history.
The High Court heard on Friday that Zhang Jing opened a bank account in 2011 and claimed to the bank that she needed it for a company involved in import and export trades. But the company, Mind Easy Limited, was in fact a shell entity described on its business registration certificate as one buying and selling electronic components.
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Police investigations found that the 63-year-old woman, the company’s sole shareholder, had allowed HK$5.97 billion to be transferred in and out of its bank account in more than 9,500 transactions between March 2011 and June 2012.
She left for mainland China before police could arrest her. She was eventually caught in 2018 when she returned to Hong Kong.
Under caution, she admitted to handling the ill-gotten gains after accepting an offer made by an unknown man, whom she said was acquainted to a childhood friend of hers in mainland China. She thought the bank account would be used by the man for his money exchange business.
She had been paid regularly over a half-year period, until the man told her that the company “got into trouble” and disappeared.
Zhang pleaded guilty in court to taking part in a money-laundering conspiracy.
Passing sentence on Friday, Mr Justice Andrew Chan Hing-wai set a starting point of 10 years behind bars, adding that there was no evidence that the woman knew where the scammed money came from, or that she was a member of a transnational crime syndicate.
The judge reduced the jail term to six years and eight months to reflect her guilty plea.
Police welcomed the court’s ruling and said they would not rule out making further arrests over the case.
