A mainland Chinese woman 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 mainland Chinese woman was convicted of four counts of money laundering and sentenced to 47.5 months in prison for opening multiple puppet accounts at a local digital bank to assist a cross-border criminal syndicate in laundering criminal proceeds, and purchasing cryptocurrencies at a virtual asset exchange store to disguise the source and destination of the funds.

Investigation revealed that the woman laundered approximately HK$9.29 million in suspected criminal proceeds between August and September 2024. Additionally, from June to September 2024, the cross-border money laundering syndicate used 43 local Hong Kong bank accounts to receive funds from 34 fraud cases, involving approximately HK$18 million, and is suspected of using local bank accounts to conduct cryptocurrency transactions, laundering up to HK$230 million in suspected criminal proceeds. (hk01)