The Hong Kong Customs and Excise Department conducted operation “Shadow Hunter II” during April 15-19, 2021 to bust a money laundering syndicate involved in laundering over $2.5 billion. The department arrested six individuals, five men and one woman, during this operation.
Based on suspicions, the department had been preparing for this operation since mid-2020. During this month’s operation, customs officials raided four residential premises in Tai Po and Yuen Long. The detainees owned and operated over 60 personal bank accounts in different Hong Kong-based banks. During 2018-2020, they conducted more than 2600 suspicious transactions amounting to $2.5 billion.
Officials suspect that four of the six detainees are active members of a money laundering syndicate involved in processing suspicious transactions. Meanwhile, the remaining two are youngsters that the others had hired for money laundering. There may be other arrests in the case as the investigation is not yet over. If convicted, the detainees may get a financial penalty of up to $5 million and prison time of up to 14 years. The proceeds of the crime will also be confiscated upon conviction.