Borrowing an account to use = money laundering = 14 years in prison
2025-5-2
"Brother, my bank account hasn't been opened yet (or: my bank account has been frozen by the bank). I have a sum of money that I need to collect in a hurry. I'll borrow your account to collect it, okay?"
Everyone should have heard the above conversation, and may even have done it. Please note: This is a very dangerous behavior as it can be a crime of "money laundering" at any time. In fact, in the years around 2000, the behavior of "collection and payment" was very common, especially for friends who opened factories in China. However, since 2012, Hong Kong legislation (Combating Money Laundering and Raising Terrorist Funds Ordinance (Cap. 615) and the Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405)) to combat money laundering activities has since become a serious crime, with a maximum penalty of a fine of five million or 14 years in prison.
What is money laundering? Under Hong Kong law, money laundering is defined as the transfer, concealment, or "cleaning" of proceeds from illegal activities through financial operations so that the proceeds appear legitimate and eventually enter the legal economic system. The sources of illegal activities are extremely wide-ranging, including drug trafficking, fraud, smuggling, terrorist funding, etc.
Anyone who knows or has reasonable grounds to believe that a sum of money is the proceeds of crime but still handles that property, whether directly or indirectly, is guilty of money laundering. Financial institutions or individuals who unintentionally facilitate the flow of funds may also be breaking the law. So starting today, no matter how good a friend or how important a business partner is, you must never "collect or pay on someone else's behalf."
But when a friend is in trouble, should we really not help him? we can still help. If your friends really haven't opened a bank account yet, or their account has been frozen by the bank, as long as they are doing real and legal business, they can ask our company for assistance. Our company has extensive experience and can assist in resolving issues using legal methods.
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