https://ift.tt/3mDotw2 arrested in Hong Kong for money laundering worth $380 million involving crypto.

Hong Kong Customs arrested two persons suspected of engaging in money laundering activities involving about $384 million during an operation today, a press release revealed. Acting upon intelligence, Customs officers targeted a woman and her younger brother. They were suspected of using personal bank accounts and a cryptocurrency exchange trading platform to deal with money from unknown sources and participate in money laundering activities. 

Suspects used cryptocurrencies for money laundering.

The press release noted that customs raided residential premises in Yau Tong today. A 21-year-old man and a 28-year-old woman were arrested for “dealing with property known or reasonably believed to represent proceeds of an indictable offense” (commonly known as money laundering) under the Organized and Serious Crimes Ordinance (OSCO). A further investigation revealed that the two arrested persons had opened personal accounts between May to November last year at various banks in Hong Kong and a cryptocurrency exchange trading platform and engaged in suspected money laundering by dealing with money from unknown sources through bank transfers, cash deposits, and cryptocurrencies.

The two arrested persons have been released on bail.

The investigation is ongoing. The two arrested persons have been released on bail pending further investigation, and the likelihood of further arrests is not ruled out. Under the OSCO, it is an offense if someone deals with any property knowing or having reasonable grounds to believe that such property in whole or in part directly or indirectly represents any person’s proceeds of an indictable offense. Upon conviction, the maximum penalty is a fine of $5 million and imprisonment for 14 years, while the crime proceeds are also subject to confiscation.