Hong Kong Customs tracks laundering case involving a crypto exchange
Hong Kong Customs has tracked a money laundering case that involves cryptocurrencies and a cryptocurrency exchange platform, as per a recent report from authorities. The entire operation was worth about a whopping $384 million and was detected by authorities on December 28.
Hong Kong Customs operation
The Hong Kong Customs' newest findings included a cryptocurrency exchange, a woman, and her brother, who was dealing with a number of payments from unknown sources and participating in money laundering activities.Acting upon their intelligence, the Hong Kong Customs raided the house of Yau Tong, and a 21-year old man followed by a 28-year old woman was arrested for their money laundering activities and "dealing with property known or reasonably believed to represent proceeds of an indictable offense."
"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," said the report.The siblings "engaged in suspected money laundering by dealing with money from unknown sources through bank transfers, cash deposits, and cryptocurrency."
Investigation is ongoing
The report claims that the investigation is still ongoing and that there are a number of things that the Hong Kong Customs are working on."The two arrested persons have been released on bail pending further investigation and the likelihood of further arrests is not ruled out," confirmed the report.The rise in the number of money laundering cases and crypto-related scams cannot be ignored. There are a number of countries around the world with similar incidents.
The siblings will be prosecuted under the Organized and Serious Crimes Ordinance (OSCO) by Hong Kong Customs which involves a fine of up to $5 million and a jail time of around 14 years.
As per a recent report, DeFi exploits have also been on the rise and regulations are needed to tackle money laundering and scam cases.
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