HK woman jailed for laundering $860m

Hong Kong banknotes Lam Meiling laundered the money through nine Hong Kong banks

Related Stories

A woman has been jailed for 10 years for laundering about $860m in Hong Kong.

Lam Meiling, 61, made almost 40,000 bank transfers between 2002 and 2005.

She said the money came from a factory owner from her hometown in Dongguan, and that her job was to transfer the money to other factory owners in mainland China.

She was arrested in 2008 after two of her bank accounts were investigated.

Lam said she was instructed by a former babysitter who had looked after her children before becoming a factory owner.

"[She] babysat my daughter, so in return I worked for her," local media quoted her as saying.

She said she received occasional monthly payments of HK $4,500 ($580; £388) in return for her services. She also said that she was illiterate.

Justice Andrew Chan said that although Lam, accused of laundering around HK$6.7 bn ($860m; £580m), was not the mastermind behind the scheme, he had no doubt she was aware of what she was doing.

The case came to light after a Dutch citizen filed a fraud complaint that led to the investigation of two of Lam's many bank accounts.

Local media say that the money was laundered through nine banks, and that Lam laundered an average of HK$155m ($20m; £13m) every month.

Hong Kong has become a popular place for mainland Chinese to set up companies, because it is easy for them to travel into Hong Kong, and as a free market, financial transactions are easier.

In some instances, people from mainland China have used accounts in Hong Kong to obscure their assets through money-laundering.

In January a 22-year-old delivery man from Guangdong province was convicted of laundering almost HK$13.1bn ($1.68bn; £1.13bn) - the biggest money laundering case ever to be discovered in Hong Kong.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More China stories

RSS

Features & Analysis

Elsewhere on the BBC

  • SkeletonRobot skeleton

    BBC Future discovers how a pair of bionic legs helped get Daniel Fukuchi back on his feet

Programmes

  • Click reporter Jen Copestake looks at a smart mirrorClick Watch

    From the mirror offering beauty advice to next gen robot vacuums - the connected home of the future

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.