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 the "Anti-Money Laundering Exhibition." Commissioner of Police Raymond Siu disclosed 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 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 for fraud and money laundering-related cases, of which about 70% were holders of "mule accounts."

Hong Kong police reminded that, according to the law, those convicted of money laundering offenses can face a maximum fine of HK$5 million and imprisonment for 14 years. Additional penalties may also be sought from the court depending on the circumstances. (HK01)