Hong Kong Arrests Two for $446 Million Money Laundering Scheme

(Bloomberg) — Hong Kong Customs has arrested two men involved in one of the city’s largest money-laundering cases ever.

The case involved dealing in 8 tons of mainly gold and palladium valued at about HK$3.5 billion ($446 million) over a two year period, according to the agency. It was the largest ever amount among cases detected by Customs.

Authorities arrested two men, 30- and 48-years old, last week in connection with suspected money laundering and searched homes, two secretariat companies, a precious metal firm and a local foreign exchange shop.