TechFlow News, June 21: According to HK01, the Hong Kong Police Force’s Financial Intelligence and Investigation Division, together with the Hong Kong Monetary Authority and the Hong Kong Association of Banks, jointly hosted an “Anti-Money Laundering Exhibition.” Hong Kong Police Commissioner Raymond Siu disclosed data indicating that over 9,400 fraud cases were recorded in Hong Kong during the first quarter of this year—approximately 60 fewer than the same period last year. However, losses totaled over HK$1.85 billion, an increase of nearly HK$300 million compared to the same period last year. Around 2,000 individuals were arrested in the first quarter for fraud- and money laundering-related offenses, approximately 70% of whom were “money mule account” holders.
The Hong Kong Police Force reminds the public that, under applicable legislation, conviction for money laundering carries a maximum penalty of a fine of HK$5 million and imprisonment for up to 14 years; courts may also impose additional penalties depending on the circumstances.
