A couple were sentenced to two years and six months' and three years and nine months' imprisonment today (June 21) at the District Court following earlier conviction for money laundering of about $42 million in total by receiving an extensive amount of overseas remittance from unknown sources through bank accounts under their names, in contravention of the Organized and Serious Crimes Ordinance (OSCO).
During an investigation against a transnational syndicate selling counterfeit handbags in 2016, Customs officers found that the couple were suspected of receiving considerable amounts of suspicious overseas remittance through various local bank accounts to launder the crime proceeds. The total amount involved reached $42 million.
Customs welcomes the sentence. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of money laundering offences.
Under the OSCO, a person commits an offence if he or she deals with any property knowing or having reasonable grounds to believe that such property in whole or in part directly or indirectly represents any person's proceeds of an indictable offence. The maximum penalty upon conviction is a fine of $5 million and imprisonment for 14 years while the crime proceeds are also subject to confiscation.
Members of the public may report any suspected money laundering activities to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk).
Ends/Tuesday, June 21, 2022