Assets totalling $3.29 million were forfeited as proceeds of crime with police evidence that Daniel Hu facilitated cross-border transfers of some $256 million, failing to comply with anti-money laundering rules. The High Court was told police suspect Hu has other assets liable for seizure in Singapore and China, but practical difficulties hamper any further recovery.
Hu pleaded guilty in 2022 and 2023 to charges of laundering proceeds of crime and structuring transactions avoiding compliance with Anti-Money Laundering and Countering Financing of Terrorism Act. He operated a money remittance business.
The court was told Hu laundered through bank accounts under his control cash that he knew was derived from methamphetamine dealing, fraud and cigarette smuggling.
In addition, Hu used bank accounts he controlled to transfer client funds from China to New Zealand, circumventing China’s foreign exchange controls.
He was sentenced to nine months home detention.
Seized as proceeds of crime were luxury motor vehicles including a Rolls Royce, Porsche Cayenne and Range Rover plus cash totalling $221,000.
In the High Court, Justice Wilkinson-Smith approved an agreed Criminal Proceeds (Recovery) Act settlement with forfeiture of $3.29 million funded from sale of his motor vehicles, forfeiture of cash seized and sale of real estate linked to Hu in central Auckland.
From this settlement, $92,700 goes to Insolvency Service in payment of Hu’s bankruptcy debts. In 2022, Hu was bankrupted on an unpaid debt.
Commissioner of Police v. Hu – High Court (10.02.26)
26.075