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

Odaily Planet Daily News: 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 the Hong Kong Police, Tang Ming, disclosed data stating that in the first quarter of this year, Hong Kong recorded over 9,400 fraud cases, a decrease of about 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. Approximately 2,000 people were arrested in the first quarter of this year in connection with fraud and money laundering-related cases, of which about 70% were holders of "mule accounts."

The Hong Kong Police remind that, according to the law, the maximum penalty for a money laundering conviction is a fine of HK$5 million and imprisonment for 14 years, and the court may also apply for an additional sentence depending on the circumstances. (HK01)