A woman from mainland China 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 woman from mainland China was found guilty of four counts of money laundering and sentenced to 47.5 months in prison. She had opened multiple shell accounts at a local digital bank to assist a cross-border criminal syndicate in laundering criminal proceeds, and purchased cryptocurrencies at virtual asset exchange shops to disguise the source and destination of the funds.

The investigation revealed that the woman laundered approximately HK$9.29 million in suspected criminal proceeds between August and September 2024. Furthermore, the cross-border money laundering syndicate used 43 local bank accounts to receive funds from 34 fraud cases between June and September 2024, involving approximately HK$18 million. It is also suspected that they conducted cryptocurrency transactions through local bank accounts, laundering as much as HK$230 million in suspected criminal proceeds. (hk01)