Latest news with #CustomsAndExciseDepartment
South China Morning Post
2 days ago
- South China Morning Post
Hong Kong man arrested over 9kg narcotics haul worth HK$8.8 million
Hong Kong customs officers have seized about 9kg (19.8lbs) of suspected narcotics with an estimated market value of HK$8.8 million (US$1.12 million) and arrested a man on suspicion of drug trafficking. The operation took place in San Tin, near Yuen Long in the New Territories, on Friday night. Officers intercepted a man acting suspiciously and discovered about 1.1kg of what was believed to be crack cocaine in a thermal bag he was carrying, according to the Customs and Excise Department. He was arrested and officers escorted him to a village house nearby. Officers searched the premises and seized another 4.7kg of suspected cocaine and about 3.2kg of suspected crack cocaine, in addition to what appeared to be packaging paraphernalia. The suspect, a 27-year-old who claimed to be unemployed, was charged with two counts of trafficking in dangerous drugs. He is expected to appear in Fanling Court on Monday.
South China Morning Post
12-06-2025
- Business
- South China Morning Post
Customs works with University of Hong Kong to develop crypto transaction tracer
Hong Kong customs is working with the University of Hong Kong to develop a tool that can trace cryptocurrency transactions, as the department in recent years had recorded seven suspected money laundering cases involving more than HK$9 billion (US$1.1 billion) where virtual assets were used. Advertisement Mario Wong Ho-yin, assistant commissioner for intelligence and investigation of the Customs and Excise Department, said on Thursday that the organisation would ramp up collaborations with academics, finance and virtual asset industry players, and law enforcement across the region to combat cross-border money laundering. 'These money laundering threats are characterised by a transnational and borderless nature, and no single agency can tackle this problem alone,' he said. Wong also warned that illegal transactions and trades that used virtual assets, such as cryptocurrency, were on the rise. He revealed that among the 39 money laundering cases reported to the department between 2021 and May this year, seven involved the use of virtual assets to launder suspected crime proceeds. Advertisement Those seven cases involved more than HK$9 billion and were mostly trade-based money laundering cases, with the funds being transferred under the guise of normal trading activity. Last April, three people were arrested in connection with one of the cases, which involved more than 1,000 suspicious transactions worth HK$1.8 billion linked to five companies and 18 local bank accounts.
