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https://www.scmp.com/news/hong-kong/law-and-crime/article/3141143/hong-kong-customs-racks-first-bust-cryptocurrency
Submission: On August 30 via api from SG — Scanned from DE
Submission: On August 30 via api from SG — Scanned from DE
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string string string string News Comment Lifestyle Coronavirus More + Subscribe Authorities say the syndicate laundered about HK$880 million through cryptocurrency between February 2020 and May 2021. Photo: Shutterstock Crime in Hong Kong + FOLLOW 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 + FOLLOW Published: 11:05am, 15 Jul, 2021 Updated: 11:36pm, 15 Jul, 2021 Why you can trust SCMP Top picks News More ‘monster fish’ on the loose: fear grips China with sightings across nation 29 Aug 2022 Lifestyle Sorry for ‘leaving first’: Korean actress Yoo Ju-eun in apparent suicide 29 Aug 2022 Tech China’s top chip maker said to reach tech level on par with global giants 30 Aug 2022 News B-2 bomber’s missile upgrade ‘could threaten’ PLA warships: military analyst 30 Aug 2022 57 Link Copied 4 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. Share Facebook Twitter Whatsapp Email Messenger Line Telegram Copy Link We use cookies to tailor your experience and present relevant ads. By clicking “Accept”, you agree that cookies can be placed per our Privacy Policy. ACCEPT