William Yan pleads guilty to money laundering

Controversial citizen will serve home detention in his penthouse department.

Controversial businessman William Yan has pleaded guilty to money laundering and will serve home detention.

Mr Yan – also known as Bill Liu and Citizen Yan – pleaded guilty in March despite maintaining innocence when pursued by New Zealand and Chinese authorities over the past 16-years, the New Zealand Herald has reported.

Name suppression was lifted this morning.

He will spend five months’ home detention in his penthouse apartment but a judge has allowed him to work by leaving during weekdays for up to five hours each day, subject to approval from his probation officer.

Last August he reached a $43 million settlement with the Police. The NZ Herald says New Zealand will get $15 million while China will get $27 million.

Mr Yan admitted he received significant sums of money in the 24 months to August 2014 and concealed it in various ways, such as through SkyCity Casino and third party banking facilities, according to the summary of facts.

However, the document did not say how much he received.

In September, he returned to China, where he faced fraud charges but came back to New Zealand earlier this year.

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