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Authorities say the syndicate laundered about HK$880 million through
cryptocurrency between February 2020 and May 2021. Photo: Shutterstock
Crime in Hong Kong
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Hong Kong /  Law and Crime


HONG KONG CUSTOMS RACKS UP FIRST BUST OF CRYPTOCURRENCY MONEY LAUNDERERS,
SMASHING HK$1.2 BILLION RACKET

 * AUTHORITIES SAY SYNDICATE USED ANONYMITY AFFORDED BY CRYPTOCURRENCY TO
   CONCEAL ITS OPERATIONS
 * MORE THAN 60 PER CENT OF FUNDS HAD BEEN FUNNELLED THROUGH ACCOUNTS IN
   SINGAPORE, PROMPTING CUSTOMS TO SEEK HELP FROM AUTHORITIES THERE

Topic |  
Crime in Hong Kong


Clifford Lo
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Published: 11:05am, 15 Jul, 2021

Updated: 11:36pm, 15 Jul, 2021


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Authorities say the syndicate laundered about HK$880 million through
cryptocurrency between February 2020 and May 2021. Photo: Shutterstock

Hong Kong customs has shut down a local money-laundering syndicate that used
cryptocurrency to process illegal funds totalling HK$1.2 billion (US$155
million), arresting the suspected ringleader and other members in the first
operation of its kind in the city.

An investigation revealed more than 60 per cent of the funds had been funnelled
through bank accounts in Singapore over 15 months, prompting local authorities
to seek help from law enforcers there in tracking the money and its final
recipients, according to Senior Superintendent Mark Woo Wai-kwan of customs’
syndicate crimes investigation bureau.

“It is the first time in Hong Kong that a money-laundering ring involved in
using cryptocurrency to wash dirty cash and conceal the source of criminal
assets was broken up,” he said, adding the modus operandi had made detection
more difficult.










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