4 held in HK$2.6 billion money laundering case, Hong Kong customs’ largest this year
More than 6,000 suspicious transactions involving about 1,800 trading partners made by suspects from 50 business accounts across four banks
Hong Kong customs has uncovered its largest money laundering case this year, arresting four individuals involved in suspicious transactions totalling HK$2.6 billion (US$334 million) across more than 50 bank accounts linked to three shell companies.
A 25-year-old man and a 52-year-old woman, both employed at different money service operators, together with two male directors of an investment company, were arrested in late August and earlier this month.
They were suspected of carrying out suspicious local transactions using three companies without business records, which were set up by the two money service operator employees.
“Customs officers have realised that there were no companies operating at the registered addresses, while these firms also had no customs declaration records for trade. We suspect they were shell companies,” said Michael Ng Sze-chai, an investigator with the Customs and Excise Department’s financial investigation bureau, on Tuesday.
The case came to light after customs officers noticed unusually large transactions in two companies established by the man and another firm established by the woman.
Investigations revealed that the two directors, aged 53 and 56, had instructed the two money service operator employees.