Duo jailed for money laundering

A 44-year-old man and a 49-year-old man convicted of money laundering were sentenced to imprisonment for nine years and four years respectively at the Court of First Instance today (October 5).

The court heard that officers from the Financial Investigation, Narcotics Bureau in joint operation with the Australian Crime Commission investigated into a syndicate suspected to have laundered approximately HK$70 million between Hong Kong and Australia from 2003 to 2004. The money laundered is suspected to be related to drug trafficking activities.

The operation turned overt in March 2005 with simultaneous arrest actions mounted in Hong Kong and Australia, resulting in the arrest of three men and a woman in Hong Kong and a Chinese ethnic Australian male in Australia. Police also seized a total of HK$70,000 and AUD 10,000 during the joint operation.

Two men aged 44 and 49 arrested in Hong Kong were charged jointly with one count of "Dealing with Crime Proceeds" under Section 25 of the Organized and Serious Crime Ordinance, Cap. 455. They were convicted yesterday and sentenced to imprisonment for nine years and four years respectively today.

Another 60-year-old man and the 40-year-old woman arrested in Hong Kong were acquitted yesterday. The 40-year-old man arrested in Australia has been charged with money laundering related offences pending trial.

The HK$70,000 and AUD 10,000 seized during the joint operation was restrained and application is in progress for the confiscation of the proceeds.

The neutralization of the syndicate's money laundering activities in Hong Kong demonstrates that to strengthen co-operation with overseas law enforcement agencies is the way forward in the fight against money laundering.


Police Report No. 7

Issued by PPRB

Ends/Thursday, October 5, 2006