Hong Kong arrests suspects in $48.7 million money laundering via crypto exchange

The Hong Kong Customs arrested two locals on suspicion of laundering more than HK$380 million ($48.7 million) through personal bank accounts and a cryptocurrency exchange. is stated in a press release.

The department’s officers conducted a search at the home where the suspects—sister and brother—lived. During the investigation it emerged that between May and November 2020 they opened accounts at several banks in Hong Kong, as well as on a platform for trading digital assets, for money laundering “from unknown sources”.

The detainees were released on bail. Customs did not rule out further arrests as the investigation continues. The maximum penalty is a fine of HK$5 million (about $641,000) and a 14-year prison sentence with confiscation of proceeds of crime.

Earlier in July, Hong Kong customs arrested four suspects in laundering $113 million through cryptocurrency. The group carried out operations over 15 months through shell companies using 40 wallets for the stablecoin USDT.

Subscribe to ForkLog News on Facebook!