Hong Kong’s record money-laundering bust

Questions are raised about banking oversight after a Chinese man is convicted of laundering HK$13 billion through Chiyu Bank.

In Hollywood mob movies, money laundering typically involves a complex web of sham businesses preferably including a lap-dancing club, but a court case in Hong Kong last week told a different story.

Luo Juncheng, a 22-year-old delivery man from Guangdong, was convicted in Hong Kong’s High Court of laundering HK$13 billion, having deposited up to HK$50 million a day at Chiyu Banking Corp, a local subsidiary of Bank of China’s Hong Kong...

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