Remittance agent jailed for money laundering
********************************************

A 51-year-old man was today (July 2) jailed for 42 months after being convicted of five counts of money laundering charges and one count of passing counterfeit banknotes.

The District Court heard that the defendant, Chan Cheong Kit, deposited 300 HK$1,000 banknotes into an account at a local bank in March.

A bank teller examined the notes and, believing that 19 of them were counterfeit banknotes, reported it to police.

The defendant, who is a register remittance agent, was arrested and alleged that he was given $120 by a casual friend in Shenzhen in return for depositing the money into the local bank for him.

Police investigations also revealed that the defendant maintained three other bank accounts and a total of about $72 million had been deposited into and withdrawn from the three accounts between November, 2005, and March, 2007.

The defendant alleged that he operated the three bank accounts on behalf of another friend on the Mainland and for doing this he was paid $12,000 a month.

The defendant was subsequently charged with one count of passing counterfeit banknotes and five counts of money laundering.

The defendant was convicted to all charges and sentenced was handed down today.

Police Report No.5
Issued by PPRB

End/Wednesday, July 02, 2008
NNNN