Hong Kong Customs shuts down money laundering syndicate with $2.6 billion laundered
Hong Kong Customs mounted an operation codenamed "Glitters" between August 26 and September 15 and successfully cracked down on a local money laundering syndicate and arrested four members of the syndicate who were suspected of making use of multiple company bank accounts to launder crime proceeds amounting to $2.6 billion.
Customs officers targeted a money laundering syndicate early this year and initiated a financial investigation. It was revealed that the syndicate had received suspicious funds through three local companies between August 2023 and January 2025, with the total amount reckoned at $2.6 billion.
After an in-depth investigation,Customs officers took enforcement action. Three local males and one local female, aged between 25 and 56 and suspected to be connected with the case, were arrested for "dealing 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 two masterminds and two core members of the syndicate.
During the operation, Customs raided multiple premises in Hong Kong, including multiple residential premises and commercial units. A batch of items suspected to be connected with the case, including mobile phones, computers, company and bank documents, and bank cards, was seized. Customs also arranged to freeze assets totalling $2.5 million held by the arrestees.
The investigation is ongoing. The four arrestees have been released on bail pending further investigation, and the likelihood of further arrests is not ruled out.
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 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Source: AI-found images
