插圖來源：
https://brittontime.com/insights/what-are-the-three-stages-of-money-laundering/
「陳志+太子集團洗黑錢案」餘波未了，隨著香港傳媒對陳志以及有關人等展開調查，揭露更多的細節，顯示陳志採用了一些職業騙子常用的手法來洗黑錢以及隱藏身份（避免吸引傳媒注意）。下文會用此案舉例，說明一些常用的洗黑錢手法及解釋背後的動機。所引述的細節來自《香港 01》的調查報導，頗為詳盡，想閱讀全文（文字版）或觀看影像版，請參考《延伸閱讀》部份提供的資料。
插圖來源：
香港山頂聶歌信山道 28 號 Mount Nicolson 別墅是由會德豐發展的超級豪宅。 1 號屋 2016 年 12 月以 10.8 億（港元）一手賣出，買入的是 BVI 英屬處女島公司。負責簽署買賣文件的，是居於東涌公屋的男子周幼強。《香港 01》曾訪問他，周幼強自稱打工仔，只負責簽文件，他拒絕透露幕後買家。九年後那間 BVI 英屬處女島公司的名字出現於美國政府發出的制裁名單之內，傳媒才知道陳志是真正業主。買家（陳志）是一筆過付款的。2017 年和 2018 年陳志曾經將該別墅抵押給財務公司，但幾個月後就還清欠款。第一次借 6 億（港元），第二次查不到金額。現時該豪宅估值 13 億（港元）。
外國金融罪案專家的解釋：企業客戶提早償還拖欠合法金融機構的巨額貸款，而錢的來源不清不楚，客戶也無法提供文件證明，又或者無法回答金融機構所提出的問題，是一個警號。金融機構的內部合規部門 (Compliance) 應該要留意這個客戶以及加強審查（提示：Enhanced Due Diligence），甚至是終止合作關係（切割）。
罪犯的思路：犯罪集團其實不需要借錢，真正目的是為犯罪收入打造一個合法的身份，這是洗黑錢過程的第一步，英文叫 Placement。第二步叫 Layering（分層），第三步叫 Integration （整合），請參考《延伸閱讀》部份提供的英文資料。壞人把犯罪收入打入合法的金融機構之內，方便日後使用、儲存或投資（錢生錢）。對犯罪集團來說，儲存和搬運大量現金很不方便。那些現金因為沒有合法的身份，使用起來也很麻煩，於是透過償還貸款這個安排替黑錢打造一個合法身份，同時替門面公司營造財務狀況健全的假象，有助跟合法金融機構建立長遠的合作關係。
過程中，合法金融機構被壞人利用，常見的後果是聲譽受損以及被監管機構罰款。而金融機構的內部合規部門 (Compliance) 的角色是把關 (Gatekeeper) ，工作性質似金融監管機構，吃力不討好。吃力，因為要跟壞人（客戶）周旋，相關法規的發展落後於科技發展，形成漏洞，讓頭腦靈活的壞人有機可乘。外國金融罪案專家的解釋：We can’t regulate the
future with tools from the past. 不討好，因為內部合規部門經常被跑數的部門主管埋怨阻手阻腳，把簡單事情複雜化或玩弄程序扮忙騙飯吃，諸如此類。跑數的部門主管的態度，是老子賺一把就走，管不了那麼多，然後拒絕合作，又或者玩辦公室政治，看看那一個部門死先。這些道理，混過外資金融機構或跨國企業的讀者一定明白。
回頭說「陳志+太子集團洗黑錢案」。他不只為來自電騙的犯罪收入打造合法的身份，也為自己打造一個（表面上）合法的身份（例如：政府顧問、優秀企業家、慈善家），請留意他跟柬埔寨政府的關係。至於他跟中國政府的關係，如果閣下願意花時間上網，閱讀美國政府發出的起訴書，應該心中有數。
犯罪集團要為老闆和黑錢打造合法的身份，同時又不可以太高調，否則吸引傳媒注意（然後被起底），難度很高。合法的身份（例如：外國護照）可以用錢買（提示：Golden passport + Citizenship by Investment），也可以透過枱底交易，過程中往往牽涉基建項目（例如：機場、港口、鐵路、能源，電訊）或大白象工程（例如：酒店、大學城），那是賄賂政府官員的渠道。在缺乏法治的國家，政府官員跟扮演商人的犯罪份子合作，是常見的事。跟「一帶一路」有沒有關係？自己想。
例子（二）大股東透過多層的離岸公司控制一盤擁有實質業務的生意
於是要用隱身術，大股東（幕後老闆）透過 N 層的離岸公司控制一盤擁有實質業務的生意，而那些離岸公司在不同的避稅天堂成立，目的是讓主流傳媒的新聞記者或執法部門的調查員無法查出幕後老闆是誰。
「陳志+太子集團洗黑錢案」中，那盤擁有實質業務的生意是 Habanos，產品是古巴雪茄。犯罪集團透過收購或持有一盤擁有實質業務的生意，就可以把合法收入和犯罪收入混合（即是：誇大營業額），然後打入合法的金融機構，替黑錢打造合法的身份。這是洗黑錢過程的第一步，英文叫 Placement。他們會選擇一些有財務困難和經營不善的公司，因為有很大的空間去誇大收入，讓黑幫的會計人才發揮創意。
根據《香港 01》的調查報導，洗米華（周焯華）被捕之後，古巴雪茄生意 Habanos 的股權據聞全部落入陳志的手中，但是沒有公開的文件可以證明。直到 2025 年 9 月，Habanos 在瑞典註冊的公司要改名更換管理階層，需要向警方提供架構圖，答案才揭盅。傳媒發現陳志透過 7 層公司控制 Habanos，當中有 BVI 開曼群島、香港和西班牙公司，離岸再離岸，讓記者查不到。這一招很常見，請參考這個博客的另一篇文章《隱身術》，發表日期是 2019 年 9 月 27 日。
香港的餐飲零售生意有這種股權結構。如果你是被拖欠薪水的基層打工仔，要追數有困難。因為你會發現，擁有實質業務的公司由 N 層的離岸公司控制，經常見到的老闆並非真老闆，勞工署幫不上忙，香港的法庭也管不到。最後打工仔只能申請「破欠基金」（破產欠薪保障基金），即是由官府代無良僱主埋單。請參考這個博客的另一篇文章《從查冊中學會的事》，發表日期是 2021 年 4 月 14 日。到底是官府無能，還是制度不公，自己想。
延伸閱讀／參考資料：
看香港關鍵角色｜美國制裁｜柬埔寨｜詐騙園區｜#chenzhi #陳志 #詐騙 #制裁 #柬埔寨 #人口販賣 #洗米華 #崩牙駒 (25:22 minutes)
https://www.youtube.com/watch?v=WZFVbxkcD2o
例子（一）提早償還巨額貸款。陳志兩次把 Mount Nicolson 別墅一號屋抵押給財務公司，但幾個月後就還清欠款，由 4:50 分鐘開始。例子（二）大股東透過多層的離岸公司控制一盤擁有實質業務的生意。古巴雪茄生意 Habanos 的股權變動，陳志透過七層公司控制 Habanos，由 10:07 分鐘開始。
HK01【太子集團陳志調查・專頁】
https://www.hk01.com/issue/10396/
Transnational Criminal
Organizations Designations; Issuance of TCO-related General License
US Department of the Treasury
Office of Foreign Assets Control
10/14/2025
https://ofac.treasury.gov/recent-actions/20251014
US Department of the Treasury
Office of Foreign Assets Control
CHART - Prince Group
Transnational Criminal Organization
https://ofac.treasury.gov/media/934686/download?inline=
US Department of the Treasury
Office of Foreign Assets Control
MAP - Prince Group TCO’s Global
Reach
https://ofac.treasury.gov/media/934691/download?inline=
U.S. and U.K. Take Largest Action
Ever Targeting Cybercriminal Networks in Southeast Asia
US Department of the Treasury
Office of Foreign Assets Control
https://home.treasury.gov/news/press-releases/sb0278
Typology Tales: Early Loan Repayments with Mysterious Funding Sources
Tookitaki
10 May
2024
Excerpt: In the complex landscape of financial operations, early loan repayments might initially appear as positive indicators of financial health and responsibility. However, when these repayments are unexpectedly large or occur well before their due dates, and are accompanied by a lack of transparency about the source of funds, they can signal underlying financial crimes such as money laundering.
Understanding the Typology
Unexpected Early Repayment
The typology begins when a borrower suddenly repays their loan well ahead of the scheduled due date. This action, especially when the repayment amount is significant, is not in line with the borrower’s usual financial behaviour or capability. Such early repayments raise immediate red flags for financial institutions because they deviate from normalized payment patterns typically observed among borrowers.
Lack of Fund Source Transparency
Further complicating the situation is the borrower’s inability to transparently disclose the source of the funds used for the repayment. When pressed for details, the responses may be vague, the documentation inadequate, or the explanations implausible. This obscurity is a critical red flag in anti-money laundering (AML) practices because legitimate funds typically have a traceable origin that the borrower can easily articulate.
Indicators and Risks
Money Laundering Indicator
Integration of Illicit Funds: Early repayment of loans with funds of unknown origin can serve as a mechanism for criminals to integrate illicit money into the financial system. This gives the money a veneer of legitimacy, as repaid loans on paper appear as bona fide transactions, effectively 'cleaning' the money.
Masking True Financial Health: By clearing
debts prematurely using these questionable funds, the borrower may also be
attempting to enhance their financial standing artificially. This can mislead
financial institutions about the borrower’s true financial health and risk
profile.
Investopedia
– What Is Money Laundering?
The
prevention of money laundering has become an international effort
By James Chen
Updated October 11, 2025
https://www.investopedia.com/terms/m/moneylaundering.asp
Excerpt：What Is Money
Laundering?
Money laundering is an illegal activity. It makes large amounts of money that's generated by criminal activity such as drug trafficking or terrorist funding appear to have come from a legitimate source. The money from the criminal activity is considered dirty and the process “launders” it to make it appear clean. Financial institutions employ anti-money laundering (AML) policies to detect and prevent this activity.
How Money Laundering Works
Money laundering is essential for criminal
organizations that use illegally obtained money. Criminals deposit money in
legitimate financial institutions to make it appear as though it comes from
legitimate sources. Laundering money typically
involves three steps although some stages may be combined or repeated.
- Placement: Injects the “dirty money” into the legitimate financial system.
- Layering: Conceals the source of the money through a series of transactions and bookkeeping tricks.
- Integration: Laundered money is disbursed from the legitimate account.
Types of Transactions
Money
laundering can take one or more forms:
Types of Transactions
Money laundering can take one or more forms:
- Structuring or
smurfing: Large
allotments of illegally obtained cash are divided into multiple small deposits
and spread over many accounts.
- “Mules” or cash
smugglers: Cash is
smuggled across borders and deposited into foreign accounts.
- Investing in
commodities: This
uses gems and gold that can be easily moved to other jurisdictions.
- Buying and Selling: Cash is used for quick
turnaround investments in assets such as real estate, cars, and boats.
- Gambling: Gambling uses casino
transactions to launder money.
- Shell companies: Inactive companies or corporations are established
that exist on paper only.
What Are
The Three Stages Of Money Laundering?
By Paul
Britton
April 9,
2021
https://brittontime.com/insights/what-are-the-three-stages-of-money-laundering/
Excerpt: Money
laundering is the illegal process of covering up the origins of money acquired
through criminal activity. Typically a money launder will
cover up the funds’ origin by passing it through various banks and legitimate
businesses. Money launders use a wide range of methods
to make illegally sourced money appear as ‘clean’. However, regardless of the
methods used, the process will usually follow three stages.
1. Placement
Placement is the first stage of money laundering. At this stage, the ‘dirty money’ that has come from illegal activities is entered into a legitimate financial system. An example of placement can be placing the funds in a bank account to begin the cleaning process. Other examples of placement may include using the money to pay off debts, converting the cash to chips in the casino or falsifying invoices in a legitimate business. Placement is often the most challenging stage for a money launder. Placing large amounts of cash into a financial system commonly causes suspicion.
2.
Layering
Stage two of money laundering is the movement of money with the intent to mix it with legitimate funds and hide the dirty money’s illegal origin. Commonly, a money launder will go about layering by transferring funds both domestically and internationally through various bank accounts. Additionally, a money launder may also conduct layering by buying and reselling assets such as properties and other high-value goods. The more layers there are, the harder it is to detect the origin of the funds.
3. Integration
Once the above stages are complete, the money is considered ‘clean’. Therefore, the money returns to the money launder from a seemingly legitimate source. When the money reaches the integration stage, it’s almost impossible to distinguish whether the money launder’s wealth is legal or illegal. As a result, the money launder can spend their money without concern.
Examples of money
laundering:
Some of the most common forms of money laundering include:
1. Casino laundering. In this instance, a money launder can purchase chips at a casino with the money they obtained illegally. At a later date, the launder can return the chips for cash or a bank transfer from the casino into their account.
2. Asset laundering. In this circumstance, a money launder can use illegitimate money to purchase assets, such as high-value items, such as artwork. Then at a later date, the launder will resell the item for cash or a bank transfer through an auction.
3. Trade laundering. This instance involves directors of legitimate businesses falsifying invoices to move illegitimate money. To banks and HMRC, it’s impossible to recognise that this money is illegitimate, as they appear as legitimate business transactions alongside actual business takings.
Nowadays, anti-money
laundering checks have been brought into many businesses to prevent money
laundering from taking place. For example, regulations have now be brought in place to reduce the
opportunities to purchase properties with cash.
相關的文章：
騙徒版購房通 (Part 3)
2025 年 10 月 24 日
https://xiaoshousha.blogspot.com/2025/10/part-3.html
節錄：「騙徒版購屋通」的操作方法：騙徒把中國境內的犯罪收入（來自詐騙）跨國轉移，部份轉換成外國物業。現階段還沒有犯罪集團所持有的全部外國物業的完整資料和數據，但是上述兩宗洗黑錢案都有另一個共通點：騙徒及其同謀都把犯罪收入轉換成多個位於英國和杜拜的高級物業，過程中牽涉多間空殼公司（或門面公司）及人頭，形成一個非常龐大而且複雜無比的網絡。
隱身術
2019 年 9 月 27 日
https://xiaoshousha.blogspot.com/2019/09/blog-post_27.html
節錄：以下介紹三種常用的隱身術。第一種做法，叫環迴式控股 (Circular ownership)。圖表中的短髮女子 (Mary) 表面上只持有 Company A 的 2% 股權，但其實她透過持有 Company C 和 Company B 控制 Company A。如果 Company A 是一間上市公司，中間的持股公司又不止 Company B 和 Company C 兩間那麼少，而是十間或以上，在不同的避稅天堂註冊成立的離岸公司，會產生怎樣的效果，自己想。
畫鬼腳
2013 年 4 月 20 日
https://xiaoshousha.blogspot.com/2013/04/blog-post_20.html
節錄：Hold 上 Hold：此乃會計界術語，即是由離岸公司 (Offshore Company) 持有本地註冊的私人有限公司 (Private Limited Company) 的股份。就算追討欠薪的僱員懂得到公司註冊處的公眾查冊中心（金鐘政府合署高座 14 樓，電梯按 13 字）索閱「周年申報表」，然後查看股東和董事名單，見到離岸公司，線索立即中斷（因為離岸中心例如百慕達不會保存股東和董事的名單），幕後老闆可以繼續「潛水」（港式粵語：失蹤、躲藏）。今次碼頭工潮，其中一間承辦商，便是這種結構。
從查冊中學會的事
2021 年 4 月 14 日
https://xiaoshousha.blogspot.com/2021/04/blog-post.html
節錄：如果公司的絕大部份股份由離岸公司持有，即是線索中斷，除非再來一次天堂地獄外太空文件洩漏（提示：ICIJ + Panama Papers），否則難以知道背後是甚麼人。更絕的玩法，是由多間離岸公司所組成的多層或環迴式控股結構，作用：隱藏大股東身份＋誤導監管機構＋通過盡職審查 (Due diligence)。離岸公司不一定是百慕達註冊，也可以是非洲或南歐。
死亡筆記
2017 年 6 月 30 日
https://xiaoshousha.blogspot.com/2017/06/blog-post_30.html
節錄：中資玩財技，還是停留於抄襲的階段，左抄右抄，炒埋一碟，似科學怪人 (Frankenstein)。特徵：用人頭隱藏真老闆、高槓桿收購、回購股份托價、大股東抵押股票（然後被斬倉）、自製同股不同權、持有上市業務的控股公司上面還有幾重的離岸公司。對付妖怪，監管機構用律師的方法，狙擊手用古惑仔的手段，中外決戰，看誰的本領高。股市是古惑仔出沒的江湖，不適合純情小白兔。
洗黑錢督數偽術
2018 年 4 月 14 日
http://xiaoshousha.blogspot.com/2018/04/blog-post_14.html
節錄：誇大收入或開支，是常用的洗黑錢手法。犯罪集團會把不見得光的黑錢分拆成很多份，然後動用大量的人頭（可以是欠高利貸的人或與黑幫有關係的小商戶）輸入銀行系統，再繞幾個圈子，透過不同的渠道，匯集至同一個戶口，又或者轉移至海外的離岸戶口。上述的例子，是把合法營商的收入和來歷不明的黑錢混合在一起，變成一盤合法的賬目。
Pandora
Papers
2021 年 10 月 4 日
http://xiaoshousha.blogspot.com/2021/10/pandora-papers.html
Excerpt: The largest investigation in journalism history exposes a shadow financial system that benefits the world’s most rich and powerful.
諜影
2016 年 4 月 22 日
http://xiaoshousha.blogspot.hk/2016/04/blog-post_22.html
節錄：巴拿馬文件 (Panama Papers) 讓你明白新聞行業與間諜活動之間的關係。根據 Washington Post 的報導，負責分析文件的國際調查記者聯盟 (The International Consortium of Investigative Journalists, ICIJ) 背後的美國公共誠信中心 (Center for Public Integrity)，金主是國際大鱷索羅斯 (George Soros)。他較早前表示會「沽空亞洲貨幣」，令偉大祖國非常緊張，官媒輪流開炮。索羅斯戰績彪炳，利用在金融市場賺來的錢，資助共產黨的對頭人。中國和俄羅斯的領導人首當其衝，被爆陰毒，理所當然。
Kleptocracy（盜賊統治）
2021 年 8 月 20 日
https://xiaoshousha.blogspot.com/2021/08/kleptocracy.html
節錄：盜賊統治 (Kleptocracy) 跟洗黑錢活動關係密切，有如連體嬰，或錢幣的兩面。Kleptocrats 是指貪污腐敗的當權者（竊國者），這個詞經常在英語傳媒對於洗黑錢活動的調查報導中出現。金錢無國界，竊國者透過離岸公司及複雜的股權結構，把不義之財轉移至對資產提供較佳保障的西方國家，然後隱藏起來。竊國者要保護自己的權力以及家族利益，必定會全力摧毀本國的法治及設法打壓公民社會，同一時間卻享受著西方國家所提供的法律保障，卑鄙無恥，對不對？
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