Hong Kong Police: Over 2,000 Arrested in First Quarter for Fraud and Money Laundering, 70% Involved "Mule Accounts"

Odaily Odaily reported that the Hong Kong Police Force's Financial Intelligence and Investigation Bureau, together with the Hong Kong Monetary Authority and the Hong Kong Association of Banks, jointly held an "Anti-Money Laundering Exhibition." The Commissioner of Police, Raymond Siu, disclosed data stating that in the first quarter of this year, Hong Kong recorded over 9,400 fraud cases, a decrease of approximately 60 cases compared to the same period last year. However, the total loss amount exceeded HK$1.85 billion, an increase of nearly HK$300 million compared to the same period last year. In the first quarter of this year, around 2,000 individuals were arrested in connection with fraud and money laundering cases, of which approximately 70% were holders of "mule accounts."

The Hong Kong Police reminded that according to the law, a person convicted of money laundering offenses faces a maximum fine of HK$5 million and imprisonment for up to 14 years, and the court may also consider applying for an additional sentence depending on the circumstances. (HK01)