Integrity Focus

A businessman was charged by the ICAC yesterday (June 17) for allegedly laundering crime proceeds totalling over RMB 400 million through a bank account in Hong Kong.

Tan Kim Chwee, 60, faces one count of dealing with property known or believed to represent proceeds of indictable offence, contrary to section 25(1) of the Organized and Serious Crimes Ordinance. He was released on ICAC bail, pending his appearance at the Eastern Magistrates’ Courts tomorrow (June 19) for mention.

The charge alleges that between February and September 2020, the defendant dealt with two sums totalling over RMB 400 million in his bank account held with a bank in Hong Kong, knowing or having reasonable grounds to believe that the sums in whole or in part directly or indirectly represented any person’s proceeds of an indictable offence.

The ICAC investigation arose from a corruption complaint. Enquiries revealed the defendant’s alleged involvement in illegal activities by assisting another man to hold the shares of a company between 2013 and 2020, and using the defendant’s bank account in Hong Kong to receive sums totalling over RMB 400 million between February and September 2020 after the shares were sold.

The relevant investigation is continuing, the ICAC does not rule out laying more charges against the defendant.

The bank concerned has rendered full assistance to the ICAC during its investigation into the case.