Operation Fencing Nets Hk15 Billion In Illicit Funds

Hong Kong Customs Dismantles Major Money Laundering Racket

Operation Fencing Nets HK$15 Billion in Illicit Funds

Key Points

- Hong Kong Customs has taken down a massive money laundering operation involving HK$15 billion (US$1.92 million). - The operation, codenamed Fencing, involved a network of shell companies and individuals. - Seven people have been arrested in connection with the case, which marks the largest money laundering bust in Hong Kong history.

In a major victory against financial crime, Hong Kong Customs has successfully dismantled a sophisticated money laundering racket that processed a staggering HK$15 billion (US$1.92 million). The operation, codenamed Fencing, was launched on August 7 and resulted in the arrest of seven individuals.

The money laundering scheme involved a complex network of shell companies and individuals who used various methods to conceal the illicit funds, including wire transfers, cash deposits, and the purchase of properties. The investigation revealed that the laundered money originated from a variety of sources, including drug trafficking, illegal gambling, and tax evasion.

Hong Kong Customs has been cracking down on money laundering in recent years, with a number of high-profile cases being successfully prosecuted. In January 2023, the department launched Operation Hornet, which resulted in the seizure of HK$1.5 billion in laundered funds. In April 2022, Operation Racer led to the arrest of several individuals involved in a money laundering operation involving HK$5 billion.

The success of Operation Fencing is a testament to the determination of Hong Kong Customs to combat financial crime and protect the integrity of the city's financial system. The department has warned that it will continue to take aggressive action against money laundering and other financial crimes.

Money laundering is a serious crime that can have a devastating impact on society. It facilitates other crimes such as drug trafficking and terrorism, and it can also damage the reputation of the financial system. Hong Kong Customs is committed to working with other law enforcement agencies to combat money laundering and protect the integrity of the city's financial system.