You are using an older browser version. Please use a supported version for the best MSN experience.

Yan admits one charge of money laundering

NZ Newswire logoNZ Newswire 9/05/2017

Auckland businessman William Yan, suspected of laundering large sums of money, has admitted one charge of money laundering and been sentenced to five months' home detention.

Yan's home detention sentence is the sole result from a criminal investigation which was separate from last year's civil settlement of $43 million, police have confirmed.

Yan, also known as Bill Liu, was sentenced in Auckland District Court on Wednesday after pleading guilty to one representative charge of money laundering in March.

Sentence conditions mean Yan will still be able to work.

Last year, the High Court approved the seizure of nearly $43m worth of property from Yan and his wife Wei You as part of a settlement over suspected frauds in China between 1999 and 2001.

Police began investigating in August 2014 and it was a complex case, says Detective Senior Sergeant Craig Hamilton.

It has been agreed that of the $43m, $27.85m will go to China and $15m to the New Zealand government.

image beaconimage beaconimage beacon