Deep Tide TechFlow News. On June 21, according to HK01, the Hong Kong Police Force’s Wealth Intelligence and Investigation Branch, together with the Hong Kong Monetary Authority and the Hong Kong Association of Banks, jointly hosted an “Anti-Money Laundering Exhibition.” Hong Kong Police Force Commissioner Zhou Mingming disclosed data, saying that in the first quarter of this year, Hong Kong recorded more than 9,400 fraud cases, which was about 60 fewer than the same period last year. However, the loss amount exceeded HKD 1.85 billion, which was nearly HKD 300 million higher than the same period last year. In the first quarter, around 2,000 people were arrested for cases related to fraud and money laundering, with about 70% being “dummy account” holders.

Hong Kong police remind that, according to the law, once convicted of money laundering offenses, the maximum penalty can include a fine of HKD 5 million and imprisonment of 14 years. In addition, depending on the circumstances, the court may apply heavier punishment.