MARKETS | Staff Reporter, Hong Kong

Hong Kong banking staff arrested over $810m money laundering case

Five men and two women between the ages of 30-37 were arrested in raids.

Hong Kong police have arrested seven current and former bank staff in the city for an alleged money laundering case involving $810m (HK$6.4b), reports Bloomberg, based on a statement released by the local police.

Five men and two women between the ages of 30 and 37 were arrested in raids taking place last 19 January, the police said. The banks involved weren’t disclosed.

Also Read: Hong Kong regulator assures effective anti-money laundering supervision: report

The investigation showed that the suspects helped 16 people employed by an international syndicate to launder money through 14 company accounts at local banks.

This marks the first time that local bank employees in Hong Kong have been arrested in connection with an international money laundering syndicate, a police spokeswoman said.

Also Read: APAC banks paid $5.1b in fines for money laundering breaches in 2020

The police raided seven apartments and five businesses in the operation, according to a statement. In one apartment it seized more than $987,100 (HK$7.8m) in cash.

Here’s more from Bloomberg.

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