Arrests on HK’s largest money laundering case

The Customs and Excise Department arrested seven people over a suspected money laundering case that involved about 14 billion dollars. This is the largest money laundering case in the city’s history.

On January 30th, the Customs and Excise Department conducted an operation and raided 11 premises in the city. Officers later arrested five men and two women, aged between 23 and 74. The seven people belonged to a money laundering syndicate, which was operated by a family.

Customs officials found that the syndicate set up at least eight shell companies in Hong Kong, claiming they were international trading firms in sectors ranging from garment, transport and electronics to precious stones. The group also had 16 bank accounts. Customs authorities described the amount of money being transferred illegally as “astonishing.”