Hong Kong police arrest 633 for handling HK$7.8 billion in suspected criminal proceeds in month-long money-laundering crackdown
- Two suspects allegedly set up 10 shell companies and opened 13 corporate accounts to handle HK$5.5 billion in criminal proceeds
- According to Australian police, Sydney-based syndicate acted as unregulated multinational bank
Hong Kong police have arrested 633 people accused of handling HK$7.8 billion (US$994 million) in suspected criminal proceeds, including two men who helped process HK$5.5 billion in connection to a major bust led by the Australian force.
The two suspects, 29 and 38, were arrested on February 2 as part of an international operation led by the Australian Federal Police. Officers were still searching for two other men, Hong Kong police on Friday said.
Tony Tse Tsz-fung, chief inspector at the financial intelligence and investigation bureau, said the duo helped set up 10 shell companies and open 13 corporate accounts to handle HK$5.5 billion in criminal proceeds between June 2020 and November 2022.
The illicit funds were connected to drug trafficking, unlawful gambling and tax evasion, he added.
The Australian police earlier said the Sydney-based syndicate had acted as an unregulated multinational bank that could draw on cash reserves held in multiple places around the world to funnel money through shell company accounts, mostly for China-based criminal clients.
Hong Kong police carried out their operation from January 9 to February 15 and arrested 416 men and 217 women, aged 18 to 78, Tse said.
Most of the people arrested held 2,531 bank, securities and stored-value accounts used to handle proceeds related to 1,043 cases involving shopping, investment and other types of scams, he added.