Woman in Hong Kong jailed for 10 years for laundering US$877 million
ReutersHONG KONG -- A Hong Kong public housing tenant was jailed for 10 years on Tuesday for laundering more than HK$6.8 billion (US$877 million) through nine banks, just two months after a Chinese man was imprisoned in the Asian financial center's biggest such case.
March 13, 2013, 1:22 pm TWN
Lam Mei-ling, 61, laundered the money between 2002 and 2005 with about 39,500 bank transfers, the Court of First Instance heard.
The defendant said she made the transfers on behalf of an unidentified woman, from her home town in Dongguan in southern China's Guangdong province near Hong Kong, who used to babysit her daughter before becoming a factory owner.
Lam, who pleaded not guilty, had testified that she was illiterate and had been told to transfer the money to other mainland factory owners.
The money was laundered through Standard Chartered, Hang Seng Bank, Chiyu Bank, National Commercial Bank, Hua Chiao Commercial Bank, Dao Heng Bank, First Commercial Bank, Hua Nan Bank and Bank of East Asia, local media reported, citing court documents.