The District Court jailed a 51-year-old remittance agent for 42 months today, convicting him of five charges of money laundering and one of passing counterfeit banknotes.

Chan Cheong-kit deposited 300 $1,000 notes into a local bank account in March. The bank found 19 were fake. He told Police his Shenzhen friend gave him $120 in return for depositing the money.

Investigations found he had three other bank accounts with $72 million in deposits and withdrawals from November 2005 to March 2007. He claimed he was paid $12,000 a month to operate the three accounts for another Mainland friend.