Hong Kong police crack a 230 million HKD cryptocurrency money laundering case, a woman from mainland China sentenced to 47.5 months in prison

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Deep Tide TechFlow News: On June 23, according to HK01, Hong Kong police cracked a cross-border money laundering case. The suspect group used 43 Hong Kong bank accounts between June and September 2024 to process proceeds from 34 fraud cases, involving about HKD 18 million, and is suspected of laundering criminal proceeds of up to HKD 230 million by using bank accounts to conduct cryptocurrency transactions.

Police investigations found that a 34-year-old woman from the Mainland allegedly came to Hong Kong to set up multiple “shell” bank accounts to assist the criminal group in laundering approximately HKD 9.29 million in criminal proceeds. She also purchased cryptocurrencies through virtual asset money-changers to conceal the source and flow of the funds. The woman was sentenced to 47.5 months in prison.

Hong Kong police reminded that anyone assisting a criminal group in handling funds may face up to 10 years’ imprisonment. For money laundering, offenders may be sentenced to a fine of up to HKD 5 million and up to 14 years in prison.

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