Crime family arrested in HK$3 billion AML case

A Hong Kong family stand accused of laundering more than HK$3 billion through 100 personal bank accounts, along with the owner of a money exchange business, a senior customs official said on Monday.

The family, which consists of the parents, two sons, and a daughter, had funnelled the cash through multiple different accounts since 2018.

“There were more than 6,000 suspicious financial transactions, involving more than HK$3 billion. The biggest single transaction was HK$22 million,” he said. “The money was deposited into these accounts from unknown sources or shell companies. This is a traditional tactic of money laundering.”

Customs officers had frozen the family’s assets and two properties worth HK$15 million, which they believed were the proceeds of crime.

The businessman was also arrested as his company had been involved with the family’s suspicious financial transactions totalling HK$170 million.

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