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Hong Kong authorities arrested two people accused of laundering approximately US$384 million using various channels, including cryptocurrency trading platforms. If convicted, the two will face up to 14 years in prison and a fine of 5 million U.S. dollars.
Indictable crime
The Hong Kong regional government stated that two people accused of using cryptocurrency trading platforms to launder approximately US$384 million have been arrested. Hong Kong Customs raided their homes on December 28 and then arrested two people, a 28-year-old woman and her 21-year-old brother.
The Hong Kong Special Administrative Region government stated in a statement explaining the allegations that it had taken action because the brothers and sisters had dealt with “known or reasonably believed representative indictable crimes under the Organized and Serious Crimes Ordinance (OSCO) of the region.” Benefited property”. ).
The government statement also explained the investigative steps taken prior to the arrest and stated:
[The] The investigation revealed that the two arrested persons opened personal accounts in Hong Kong banks (including virtual banks) and a cryptocurrency trading platform between May and November last year, and processed funds of unknown origin through the bank, suspected of money laundering. Transfers, cash deposits and cryptocurrencies.
At the same time, the statement revealed that the two brothers and sisters have since been released on bail, but said that the investigation will continue and “does not rule out the possibility of further arrest.”
Offenders can be jailed for up to 14 years
According to OSCO regulations, “a person who knows or has reasonable grounds to believe that all or part of the property directly or indirectly represents the proceeds of any person’s indictable crime when dealing with any property” is regarded as a crime.
The statement said that those convicted of this crime will face up to 14 years in prison and a fine of 5 million U.S. dollars, and the proceeds of their activities will be confiscated to the state.
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