Man jailed for money laundering
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The District Court today (December 15) sentenced a 38-year-old man to two years' jail for money laundering.

The District Court heard that in May 2008, the defendant arrived Hong Kong and opened an account at a bank. Later, an amount of CHF 16,500 (approximate HKD 1.23 million) was transferred from an account of a bank in Switzerland to the defendant's account in Hong Kong.

The defendant then withdrew HKD 1 million cash from that account. He spent $100,000 on luxury handbags and suits and converted the remaining cash of $900,000 into Euro and US dollars.

Officers of Commercial Crime Bureau acted on information and took over the case for investigation. In May 2008, the defendant, who was about to leave Hong Kong to Bangkok, was arrested. The officers also recovered those luxury goods and foreign currency.

The Defendant was later charged with one count of dealing with proceeds known or believed to represent proceeds of an indictable offence and was sentenced in District Court today.

Police urged that money laundering is a serious offence. The sentence imposed on the case reveals Hong Kong's ability and determination to safeguard the position as an international financial centre.

Police Report No.6
Issued by PPRB

End/Monday, December 15, 2008
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