HONG KONG: Hong Kong Customs successfully obtained a Confiscation Order under the Organized and Serious Crimes Ordinance from the Court of First Instance to confiscate $112 million worth of properties in Hong Kong and Singapore in connection with a suspected case of money laundering.
Following investigations conducted in 2013, Hong Kong Customs unveiled a suspected case involving the laundering of crime proceeds between 2008 and 2012 through shell companies and bank accounts established in Hong Kong and overseas.
In August 2014, Hong Kong Customs co-operated with relevant enforcement authorities in various countries to trace the assets held by the case in different places. Follow-up investigations with the Singapore Police Force subsequently led to the successful seizure of properties in Hong Kong and Singapore valued at $112 million in total.
This case demonstrates the firm commitment of Hong Kong Customs to crack down on transnational money laundering crimes and showcases the effectiveness of its co-operation with Mainland and overseas authorities in the fight against criminals.
Under the Organized and Serious Crimes Ordinance, Chapter 455, Laws of Hong Kong, money laundering is a serious offence which carries a maximum penalty of 14 years’ imprisonment and a fine of $5 million.
