Crypto NewsNewsMoney Laundering Gang Dismantled With Cryptocurrency In Hong Kong

Money Laundering Gang Dismantled With Cryptocurrency In Hong Kong

According to the information received, gang members who laundered illegal money using cryptocurrencies between Hong Kong and China have been arrested.

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Hong Kong police said they caught a gang using cryptocurrencies to launder money.

A Hong Kong high school student was among six people arrested during the crackdown of a cross-border organization that laundered more than HK$100 million (US$12.7 million) in suspected criminal proceeds, police said on Friday.

According to police, the student was suspected of helping the group launder illegal funds by using cryptocurrency accounts to trade cryptocurrencies, hiding the origin and flow of criminal proceeds.

Senior Inspector Chu Ming-man from the Hong Kong anti-drugs team said that the digital coins were transferred to virtual wallet accounts abroad to avoid detection.

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“An investigation showed that the organization generated more than HK$1 million per day in criminal proceeds and laundered over HK$100 million in three months,” he added.

The security forces started to investigate the organization at the end of April, following the intelligence they received.

The organization opened bank accounts in China to collect the proceeds of crime obtained through various frauds. Members then used their debit cards to launder illegal funds by purchasing valuables such as gold jewelry and watches in Hong Kong.

Chu said the group took the proceeds from the sale of valuables and bought cryptocurrencies, creating an extra layer of transactions to hide the illegal flow of funds.

*Not investment advice.

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