Hong Kong authorities have arrested two individuals over a record money laundering case involving nearly half a billion dollars worth of precious metals.
Authorities from the Hong Kong customs department arrested two men aged 30 and 48 over suspected money laundering involving precious metals worth about HK$3.5 billion ($446 million), according to a government statement.
The two are allegedly involved in dealing with 8 tons of mainly gold and palladium by selling the precious metals and transferring money to companies in mainland China or offshore shell accounts
If found guilty, this could be the largest money laundering case in the history of Hong Kong topping another case just one month ago involving the arrest of four suspected gang members linked to the laundering of $411 million over two years.
