Hong Kong Customs arrested five local persons suspected of laundering HK$8.9 billion ($1.14 billion) thru fictitious trading activities.

Customs officers busted the syndicate after arresting two men and three women, aged between 28 and 59, last week for the offense of money laundering under the Organized and Serious Crimes Ordinance, the Customs and Excise Department said in statement on Tuesday. 

Authorities have also frozen and put under close monitoring the arrestees' assets worth around HK$55 million.    

Acting on intelligence reports, customs officers initially targeted three local persons and initiated a financial investigation.

It was revealed that the three persons opened multiple local company and personal bank accounts between January 2022 and December 2025 to deal with over 3,700 suspicious transactions totaling about HK$8.9 billion.

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After an in-depth investigation, customs officers conducted the enforcement operation on Dec 18 and 19, raiding multiple local premises, including three residential units and three commercial premises.

They seized a number of items suspected to be connected with the case, including mobile phones, check books, and trade documents.

The five arrested persons have been released on bail pending further investigation, and the likelihood of further arrests is not ruled out.

Customs reminded members of the public that they risk committing money laundering if they use personal or company bank accounts to deal with money from unknown sources.

The maximum penalty upon conviction is a fine of HK$5 million and imprisonment for 14 years, while the crime proceeds are also subject to confiscation.