arrested 27 people for laundering $300 million; 7 people were involved in receiving Singaporean black money and then laundering it
The Financial Intelligence and Investigation Bureau of the Police designated this month as "Anti-Money Laundering Month". During the period, three money laundering syndicates were busted and a total of 27 people were arrested. They laundered a total of $313 million in criminal proceeds. Among them, the police teamed up with the Singapore police to crack down on a group that collected fraudulent money from Singapore across the border. The group laundered 100 million yuan in black money in a year through continuous transfers and virtual currency transactions.
In addition, the police also raided two local groups suspected of laundering money in the same manner as mentioned above. One of the groups collected more than NT$20 million in fraudulent money from March last year to May this year and laundered about NT$200 million in criminal proceeds. Another group laundered $13 million in criminal proceeds from online gambling platforms in Southeast Asia between May and July.
The police stated that 4,465 people were arrested for money laundering-related crimes in the first half of this year, a significant increase of more than 4 times compared with 977 people in the same period in 2021. The Police launched a series of publicity and education activities to enhance public awareness of money laundering and related laws.
Cross-border money laundering group receives Singapore fraud money and intercepts U.S. investment fraud case
In an operation codenamed "Black Brain", the police disrupted a cross-border money laundering syndicate that collected fraudulent funds from Singapore. Chief Inspector Yap Chun Man of the Financial Intelligence and Investigation Bureau said that in March this year, the police received a request from the Singapore Police to stop payment and learned that there were more than 30 fraud cases in the local area, of which about 30 million yuan of fraudulent money passed through multiple bank accounts. Deposit into a puppet account in Hong Kong. After analyzing the information provided by the Singaporean authorities, the Financial Intelligence and Investigation Bureau identified the money laundering syndicate involved in the case.
The police discovered that the group would arrange for the leader to accompany the puppet to open a bank account, and then use these accounts to receive stolen money from Singapore, and then continue to make transfers in an attempt to launder the money. The group also conducts virtual currency transactions to launder criminal proceeds. In the past year, the group has laundered approximately $100 million in criminal proceeds.
The Financial Intelligence Investigation Division arrested seven people after investigation, including the group leader and key members, as well as puppets. During the operation, the police seized about 300,000 yuan in cash and more than 60 bank cards from the arrested persons, and successfully prevented the group from transferring part of the criminal proceeds from the account, about 1.3 million yuan. Five of those arrested have been charged with "money laundering".
Local money laundering syndicate launders 200 million, withdraws cash and buys virtual currency
In Operation "Micro Song", the police successfully cracked down on a local money laundering criminal group. The group started operating in 2023, and between March last year and May 2024, it used at least 43 local bank accounts to collect more than 20 million in fraudulent money and launder about 200 million in criminal proceeds. In order to evade police pursuit, the group used a large number of bank accounts to make transfers, withdraw criminal proceeds in cash multiple times, and purchase virtual currencies to launder the criminal proceeds.
During the operation, the police successfully arrested 11 local people, including 8 men and 3 women, aged between 21 and 55, for "money laundering" or "conspiracy to commit money laundering". Their reported occupations include insurance brokers, salespersons, drivers and construction site workers. Their roles include suspected syndicate leaders or key figures, and account holders who assist in transferring criminal proceeds. During the operation, the police seized about 460,000 in cash, the arrested person’s phone number and bank card, etc. The arrested persons are currently on bail pending further investigation.
Collected criminal proceeds from Southeast Asian online gambling platform, laundered 13 million yuan
The police also conducted operation codenamed "Youxia" and targeted a local money laundering syndicate in May this year. The group controlled seven local bank puppet accounts and laundered NT$13 million in criminal proceeds from illegal online gambling platforms in Southeast Asia from May to July. When the black money is transferred into the bank account, the key members of the group will go to the bank teller machine to withdraw cash, and then use the cash to purchase virtual currencies.
For two consecutive days (27th to 28th), the police arrested 7 men and 2 women (aged 19 to 38 years old) for "money laundering" or "conspiracy to commit money laundering". During the operation, 490,000 yuan in cash, 37 mobile phones and 120 bank cards were seized. The arrested persons are still detained for investigation and the police operation is still ongoing.
Chief Inspector Yip Chun-man of the Financial Intelligence and Investigation Bureau said that during the above three operations, the police noticed that money laundering syndicates would use different methods to transfer the proceeds of crime to evade police investigation, including using a large number of and multi-layered banks. accounts, large amounts of cash withdrawals and deposits, and even bank accounts in different regions, trying to interrupt the continuity of black money and making it more difficult for the police to track the whereabouts of the stolen money. In addition, money laundering groups will also take advantage of the confidentiality of virtual currencies and conduct transactions with cash and bank accounts, further making police investigations more difficult.
In the first half of this year, 4,465 people were arrested for money laundering, a fourfold increase from 2021
Senior Superintendent Lui Zhihao of the Financial Intelligence and Investigation Bureau said that criminal gangs use different excuses or inducements to rent and sell household registrations, and then use puppet household registrations to launder criminal proceeds. The situation continues. In the first half of this year, 4,465 people were arrested for money laundering-related crimes, a significant increase of more than 4 times compared with 977 people in the same period in 2021.
In order to increase the deterrent effect, starting from October last year, the police, together with the Department of Justice, applied to the court to increase the penalty during prosecution for the crime of money laundering using puppet accounts. So far, 15 people have been sentenced in court to have their sentences increased by the court when they were convicted of renting and selling their registered residence, with the sentence increase ranging from 8 1 to 3 1.
Anti-money laundering propaganda is overwhelming to educate the banking and financial industry, college students and foreign domestic helpers
The Police launched a series of publicity and education activities to enhance public awareness of money laundering and related laws. The Financial Intelligence and Investigation Bureau started organizing the Anti-Money Laundering Awareness Month on August 2 and held the "Financial Industry Anti-Money Laundering Seminar 2024", inviting more than 300 representatives from law enforcement agencies, financial regulatory agencies, and financial institutions to strengthen Anti-money laundering response measures of financial institutions and regulatory agencies, experience in promoting inter-bank information exchange, and public education.
Senior Inspector Lam Huan-yan of the Financial Intelligence and Investigation Bureau pointed out that the publicity month also invited artist Cao Yonglian as a representative to remind the public to protect their personal accounts and passwords and not to rent, borrow or sell their own bank accounts. They also collaborated with universities to organize anti-laundering Black money seminars and booths, as well as Philippine and Indonesian consulate personnel, organized promotional vans. At the same time, the police published an anti-money laundering comic "Black Money Trap" in August, using stories adapted from real cases to educate the public.
The Police also produced different leaflets, posters, banners, etc., and collaborated with social media platforms, public and private organizations and government departments to display promotional materials in shopping malls, markets, bus bodies and subways throughout Hong Kong. The police also cooperated with radio and television stations to promote anti-money laundering messages during the "Morning Light Front Line - Morning Light Police Sound" and "Morning Light Police Sound 120 Seconds" programs respectively.
Police call money laundering a serious crime. According to the Organized and Serious Crime Ordinance, Chapter 455 of the Laws of Hong Kong, any person who knows or has reasonable grounds to believe that any property is the proceeds of crime but still deals with the property will commit a money laundering offence. We hope that citizens will keep in mind that "bank accounts are for others to use, and jail and prison sentences are very serious!"
Original website: 香港01
