Hong Kong Police: More than 2,000 people were arrested in the first quarter of this year for fraud and money laundering, 70% involved “puppet accounts”

Comparatively, the Financial Intelligence and Investigation Division of the Hong Kong Police Force jointly organized the “Anti-Money Laundering Exhibition” with the Hong Kong Monetary Authority and the Hong Kong Association of Banks. Hong Kong Police Commissioner Zhou Ming disclosed data that Hong Kong recorded more than 9,400 fraud cases in the first quarter of this year, a decrease of about 60 cases compared with the same period last year, but the amount of losses exceeded HK$1.85 billion, an increase of nearly HK$300 million over the same period last year. About 2,000 people were arrested in cases related to fraud and money laundering in the first quarter of this year. Of these, about 70% were “puppet account” holders.

The Hong Kong police warned that according to the law, money laundering offenses can be fined up to HK$5 million and imprisoned for 14 years. Depending on the circumstances, they will also apply to the court for additional sentences. (HK01)