Crypto News

Hong Kong Customs Arrest Two Suspects For Laundering $385M In Crypto


Hong Kong customs arrested two suspects for laundering $385 million in crypto via digital asset trading as we are reading more today in our latest cryptocurrency news.

Hong Kong customs officials said that they had arrested two individuals suspected of laundering money that is worth over $380 million via their personal bank accounts and a crypto trading platform. The suspects, a 28-year old woman, and her 21-year old brother were arrested in Yau Tong, the residential district in Hong Kong after the customs authorities received information from unknown sources.

Kimchi Premium Scammers, south korea, fraud

Following the investigations, the authorities stated that the two suspects opened personal accounts between May and November of 2020 at a few banks in Hong Kong which includes the online bank as well as a crypto exchange trading platform with the duo moving funds from bank transfers, cash deposits, and crypto transactions. According to the customs officials, both of the individuals were arrested for dealing with the property known or believed to represent the proceeds of an indictable offense. With the investigation ongoing, the siblings were released on bail under certain conditions but arrests are likely to be made. If the suspects are found guilty, they risk spending a maximum of 14 years in prison and a fine of $5 million.

Hong Kong
Hong Kong

As crypto continues to expand and global adoption with criminals turned the digital asset space into the playground while using it to conduct fraudulent acts like money laundering, terrorist financing, and drug trafficking. Chinese authorities arrested more than 1000 suspects that used crypto assets to launder illicit funds and telecommunications network fraud activities. In October 2020, a Rotterdam court seized BTC worth around 29 million EUR and sentenced two BTC traders to 2 and 2.5 years in prison for money laundering. In the meantime, criminals are using crypto as a tool for money laundering, regulators around the world that seek ways to mitigate it. The Swiss Financial Market supervisory Authority revealed more plans to impose anti-money laundering rules on the crypto providers.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]



Source link