HK$261 million of frozen crime funds may take 7 years to reach Hong Kong coffers

Hong Kong authorities froze HK$261 million (US$33.4 million) in suspected criminal proceeds linked to money laundering and drug trafficking last year, but experts say it may take as long as seven years for any of the funds to reach government coffers.According to data from the Joint Financial Intelligence Unit, run by police and customs, HK$869 million in criminal proceeds was confiscated between 2018 and 2024, with the annual amount fluctuating from HK$284 million in 2018 to HK$18 million in 2024.Last year, 927 people were convicted of money laundering, with the joint unit freezing HK$261 million.“After we freeze suspected criminal assets upon arrest, we still have to investigate the case and bring it to court,” a source told the South China Morning Post.The insider added that suspected criminal proceeds could be confiscated and deposited into the treasury after trials were wrapped up, but other legal procedures would have to be completed before any money could be channelled into government coffers.The sum frozen last year did not include HK$2.75 billion in cash, stocks and funds allegedly linked to the network of Fujian-born Cambodian businessman Chen Zhi and his Prince Holding Group.