Hong Kong man arrested on suspicion of laundering HK$16 million after customs detects 11,000 transactions through 6 bank accounts
- The delivery van driver, 36, handled illegal funds received from or transferred to more than 5,000 third-party accounts, according to customs
- One of the suspect’s bank accounts handled more than 180 transactions in single day, officers say
Hong Kong customs officers have arrested a local man on suspicion of laundering HK$16 million (US$2 million) in alleged crime proceeds after discovering more than 11,000 financial transactions across his six personal bank accounts.
Inspector Ryan Chiang Chun-kit of customs’ financial investigation bureau on Thursday said an inquiry had revealed that the 36-year-old suspect’s bank accounts handled illegal funds received from or transferred to more than 5,000 third-party accounts over 16 months.
“The unknown source of money, usually involving less than HK$1,000 in each transaction, was deposited into the man’s bank accounts,” he said.
“The funds were then transferred to a third-party account on the same day after accumulating into a larger amount.”
He also revealed that one of the suspect’s bank accounts handled more than 180 transactions in a single day.
Chiang said the tactic was designed to evade detection by the banking industry and to conceal the illegal funds.