Man sentenced for money laundering

A 29-year-old man was sentenced to five years' imprisonment at the District Court today (April 26) upon conviction of two counts of money laundering.

The court heard that between August 2004 and June 2005, the defendant had opened two accounts upon the request of a man in return of a reward of $8,000 per month. Police investigation revealed that the defendant assisted in handling the crime proceed with a total exceeding $20 million suspected to be in connection with illegal bookmaking activities.

Acting on information, Officers of the Police Commercial Crime Bureau conducted investigations leading to the arrest of the defendant on November 1, 2006. He was subsequently charged with dealing with property known or believed to represent proceeds of an indictable offence.

The sentence was handed down today at the District Court and it is considered to be one of the heaviest penalty ever sentenced in recent years compared with similar cases.

Police appealed to the members of the public not to lend the bank account to others for handling a large sum of money with dubious origin.


Police Report No. 7

Issued by PPRB

Ends/ Thursday, April 26, 2007