A woman from mainland China was sentenced to 47.5 months in prison for money laundering 9.29 million Hong Kong dollars.

The Hong Kong District Court today sentenced a cross-border money laundering case. A 34-year-old mainland Chinese woman was found guilty of 4 counts of money laundering and sentenced to 47.5 months in prison for opening multiple shell accounts at a local digital bank to assist a cross-border criminal syndicate in laundering criminal proceeds, and purchasing cryptocurrency at a virtual asset exchange store to disguise the source and destination of the funds.

Investigations revealed that the woman laundered approximately 9.29 million Hong Kong dollars in suspected criminal proceeds between August and September 2024. Additionally, between June and September 2024, the cross-border money laundering syndicate used 43 local bank accounts to receive funds from 34 fraud cases, amounting to approximately 18 million Hong Kong dollars. It is also suspected that cryptocurrency transactions were conducted through local bank accounts to launder up to 230 million Hong Kong dollars in suspected criminal proceeds. (hk01)