Hong Kong Police: Over 2,000 People 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, in conjunction with the Hong Kong Monetary Authority and the Hong Kong Association of Banks, jointly held an "Anti-Money Laundering Exhibition." Hong Kong Police Commissioner Raymond Siu 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, but the amount of losses exceeded HK$1.85 billion, an increase of nearly HK$300 million compared to the same period last year. In the first quarter of this year, approximately 2,000 people were arrested in connection with fraud and money laundering cases, of which about 70% were holders of "mule accounts."

The Hong Kong police reminded that according to the law, a person convicted of a money laundering offense is liable to a maximum fine of HK$5 million and imprisonment for 14 years, and the court may also consider imposing an enhanced sentence depending on the circumstances. (HK01)