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Hong Kong arrests 2 in $446 million money laundering case
Hong Kong: Just last month, Hong Kong authorities arrested four suspected triad gang members in connection with laundering HK$411 million in crime proceeds over two years.
Hong Kong Customs has arrested two men involved in one of the city’s largest money-laundering case ever.
The case involved dealing in 8 tons of mainly gold and palladium valued at about HK$3.5 billion ($446 million) over a two year period, according to the agency. It was the largest ever amount among cases detected by Customs.
Authorities arrested two men, 30- and 48-years old, last week in connection with suspected money laundering and searched homes, two secretariat companies, a precious metal firm and a local foreign exchange shop.
The men allegedly sold metals and transferred money to some mainland Chinese companies or offshore shell accounts, Rita Li, the head of Syndicate Crimes Investigation Bureau of Customs, said at a press conference Wednesday.
The Customs found no evidence that the two men were acquaintances, but they engaged with the same security company which could indicate a syndicate, Li said.
The suspects were released on bail while the investigation continues.
“Precious metals are high in value and small in size, and are still allowed to be sold anonymously in the city,” Li said.
Just last month, Hong Kong authorities arrested four suspected triad gang members in connection with laundering HK$411 million in crime proceeds over two years.
