Hong Kong Customs dismantles money laundering syndicate with over $1.8 billion laundered

Hong kong customs cracks down on $1.8 billion money laundering syndicate

Hong Kong Customs mounted an operation codenamed "Racer" on April 17 and successfully cracked down on a money laundering syndicate. Three local persons suspected to be connected with the case were arrested and they were suspected of using a cryptocurrency exchange trading platform and a number of company bank accounts in various local banks to deal with money from unknown sources exceeding $1.8 billion.

Acting upon intelligence, Customs officers targeted three local persons and initiated a financial investigation. It was revealed that the three persons set up a number of local companies and bank accountsbetween June 2021 and July 2022 to deal with over 1 000 suspicious transactions, including funds transferred from a cryptocurrency exchange trading platform, and the amount totalled over $1.8 billion. Subsequently, Customs conducted an enforcement operation on April 17 and raided four residential units and seven companies, among which two were money service operators. The three local persons aged between 42 and 60, comprising two men and one woman, were arrested for a suspected conspiracy to "deal with property known or reasonably believed to represent proceeds of an indictable offence" (commonly known as money laundering) under the Organized and Serious Crimes Ordinance (OSCO). They were believed to be the core members of the syndicate.

Customs officers also seized a batch of items suspected to be connected with the case, including a number of mobile phones, company documents and stamps, bank cards and remittance documents, during the operation.

An investigation is ongoing. The three arrested persons have been released on bail pending further investigation and the likelihood of further arrests is not ruled out.

Customs reminds members of the public that they may risk committing the crime of money laundering if they use personal or company bank accounts to deal with money from unknown sources, regardless of whether a monetary reward is involved.

Under the OSCO, a person commits an offence if he or she deals with any property knowing or having reasonable grounds to believe that such property in whole or in part, directly or indirectly represents any person's proceeds of an indictable offence. The maximum penalty upon conviction is a fine of $5 million and imprisonment for 14 years while the crime proceeds are also subject to confiscation.

Members of the public may report any suspected money laundering activities to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Source: AI-generated images

Unlocking the secrets of hong kong's land registry: discover the new street index and lot/address cross reference table for the new territories

The Land Registry (LR) announced today (May 1) that compact discs for the 56th edition of the Index of Streets, House Numbers and Lots in Hong Kong, Kowloon and New Kowloon (Street Index), and the 25th edition of the New Territories Lot/Address Cross Reference Table (CRT), have been released. The discs facilitate searches of land records of urban and New Territories properties by correlating property addresses, building names or lot numbers.

The new edition of the Street Index features 402 amendments to the last edition, with 11 new streets and 32 new lots/sections/subsections added. In the latest edition of the CRT, 1 164 amendments have been made and 12 new streets and 939 new lots/sections/subsections have been added.

The new editions of the Street Index and CRT compact discs cost $370 each. Licences for using them on computer networks are also available for sale. The respective licence fees are $2,960 for a computer network linked to less than 50 terminals and $5,920 if linked to 50 terminals or more.

Members of the public who wish to purchase the compact discs and the licences may submit a completed order form on the LR's website (www.landreg.gov.hk/en/pforms/form.htm), by post or in person to the LR's Customer Centre (19/F, Queensway Government Offices, 66 Queensway, Hong Kong), the New Territories Search Offices or the LR's Street Index and CRT Help Desk (Unit 1202, 12/F, One Kowloon, 1 Wang Yuen Street, Kowloon Bay, Kowloon). The form can be obtained on the LR's website (www.landreg.gov.hk/en/pforms/form.htm), by fax by calling the customer service hotline at 3105 0000, or at the LR's Customer Centre, the New Territories Search Offices and the Street Index and CRT Help Desk.

An online version of the new Street Index and CRT is also available for free browsing on the LR's website (www.landreg.gov.hk/en/public/pu-si_agree.htm) or through the hyperlink onthe Integrated Registration Information System Online Services (www.iris.gov.hk).

For enquiries, please call the Street Index and CRT Help Desk or the Customer Service Manager of the LR at 3105 0000.

Source: AI-generated images