A mainland Chinese woman sentenced to 47.5 months in prison for money laundering of HK$9.29 million

Odaily Planet Daily News The Hong Kong District Court today sentenced a cross-border money laundering case. A 34-year-old mainland Chinese woman was convicted of 4 counts of money laundering and sentenced to 47.5 months in prison for setting up multiple puppet accounts in a local digital bank, assisting a cross-border criminal syndicate to launder criminal proceeds, and purchasing cryptocurrency at a virtual asset exchange to conceal the source and destination of the funds.

Investigations revealed that the woman laundered approximately HK$9.29 million in suspected criminal proceeds between August and September 2024. Furthermore, between June and September 2024, this cross-border money laundering syndicate used 43 local bank accounts to receive funds from 34 fraud cases, involving approximately HK$18 million, and is suspected of conducting cryptocurrency transactions through local bank accounts, laundering up to HK$230 million in suspected criminal proceeds. (hk01)