Police have charged a man and two women for allegedly laundering $400 million in criminal proceeds through their bank accounts in Hong Kong between September 1998 and June 2000.

The 49-year-old man was arrested in Happy Valley while the two women, aged 44 and 45, were apprehended in North Point yesterday.

The money is believed to be from illegal horse bookmaking activities outside Hong Kong. Under the Organised & Serious Crimes Ordinance it is an offence to deal with funds generated from criminal acts which take place in or outside Hong Kong.

A restraint order was issued by the Court of First Instance today to freeze the assets of the trio, which includes property, cars, cash and other valuables with an estimated value of $45 million.

They will appear in Eastern Magistrates' Courts tomorrow.