A 38-year-old man was jailed two years by the District Court today for laundering more than $1.2 million.

In May he came to Hong Kong and opened a bank account, transferring about $1.23 million to it from a Swiss account. He withdrew $1 million cash from that account and spent $100,000 on luxury handbags and suits, and converted the remaining cash into euros and US dollars.

Police arrested the defendant as was leaving Hong Kong for Bangkok in May. Officers also recovered the luxury goods and foreign currency.

The defendant was later charged with one count of dealing with proceeds known or believed to represent the proceeds of an indictable offence.