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 operation.
During an eight-month period starting in 2009, Luo was able to make 4,800 deposits and 3,500 transfers out of the account, including cross-border transfers from Macau, according to The Standard....
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