HK Police Bust Cross-Border Money Laundering Syndicate Suspected of Laundering HK$150 Million via Cryptocurrency Exchanges

TechFlow reported on November 12 that, according to Hong Kong's Ming Pao, Hong Kong police busted a cross-border money laundering syndicate suspected of recruiting mainland residents to open shell bank accounts in Hong Kong and concealing money laundering activities through virtual currency over-the-counter (OTC) exchanges. Police estimated that the syndicate laundered more than HK$150 million in illicit funds between August and October this year alone.

Police investigations found that the syndicate arranged for members to use multiple bank accounts to receive criminal proceeds, then withdrew cash from ATMs of different banks, and finally routed the funds to shops operated by the syndicate's mastermind, which used virtual currency OTC exchanges as fronts, laundering money through buying and selling virtual currencies and other methods.

During the operation, police arrested a total of 22 people, including 2 Hong Kong residents and 20 mainland residents, and seized more than 1,600 bank cards, approximately HK$5.85 million in cash, and more than 200 mobile phones.

Source: TechFlow