Man jailed for money laundering
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The District Court today (January 29) sentenced a 36-year-old Tanzania man to three years and nine months jail for money laundering.

The District Court heard that on December 2006, the defendant arrived Hong Kong and opened an account at a local bank. The defendant then lured oversea victims into fraudulent investments in US biochemical company stocks from December 2006 to June 2008.

The victims remitted a total amount of about USD 490,000 (approximately HKD 3.8 million) to the defendant's account. The defendant transferred all the money to Philippines afterward.

The victims later reported the case to Austrian authorities, which passed the information to the Commercial Crime Bureau (CCB) for investigation.

Officers of CCB mounted an operation and arrested the defendant in June 2008. The defendant was later charged with one count of money laundering and was sentenced in District Court today.

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

Police Report No. 6
Issued by PPRB

End/Thursday, January 29, 2009
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