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Hong Kong Police Disrupt Virtual Currency Money Laundering Case, Involved Funds Reach 230 Million Hong Kong Dollars

1 hours ago

March 5 — Hong Kong police have cracked a money laundering case involving shell accounts and crypto exchange outlets, per a Hong Kong 01 report. Two mainland Chinese individuals (one man, one woman) traveled to Hong Kong to open shell accounts, which were used to receive proceeds linked to 34 separate fraud cases across 43 local bank accounts. They then bought cryptocurrency at virtual asset exchange shops to launder roughly HK$17.3 million in criminal proceeds. A fund flow analysis revealed the criminal group used local bank accounts for crypto transactions, laundering up to HK$230 million in illicit funds. Hong Kong police charged the pair with three and 10 counts of money laundering, respectively. After reviewing the case, the court approved heavier sentences, handing down prison terms of 28 months and 43 months to the two.
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