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8 charged in US$6.4 billion money laundering sting in HK

8 charged in US$6.4 billion money laundering sting in HK

(Hong Kong) - Eight people, including a former senior manager of a Chinese bank, have appeared in court in Hong Kong on money laundering charges involving US$6.4 billion. Six of those charges, including a former manager of Bank of China unit Po Sang Bank, relate to corruption and money laundering offences between 1996 and 2001 involving Hong Kong and another unnamed country.

Hong Kong is believed to have become a major money laundering centre, particularly since the 1997 return to Chinese sovereignty.

Around US$35 billion is spirited illegally out of China each year, and much of it is routed through Hong Kong, authorities say.
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