Hong Kong authorities arrest two siblings accused of laundering $ 384 million through banks and crypto platform – regulation

Hong Kong authorities have arrested two people accused of laundering approximately $ 384 million through various channels, including a cryptocurrency trading platform. If convicted, they face a maximum prison sentence of 14 years and a fine of $ 5 million.

A criminal offense

Two people alleged to have laundered about $ 384 million using a cryptocurrency platform have been arrested, the Hong Kong regional government said. The two, a 28-year-old woman and her 21-year-old brother, were arrested on December 28 after their home was searched by Hong Kong Customs.

In a statement clarifying the charges, the Hong Kong SAR government said action was taken because the siblings “handled property known or reasonably believed to be the proceeds of a criminal act “, In accordance with the Regulations on Organized and Serious Crimes of the Region (OSCO.). ).

The government statement also explains the investigative steps taken prior to the arrests, noting:

[The] Investigations revealed that between May and November last year, the two arrested had opened personal accounts with various Hong Kong banks (including virtual banks) and a cryptocurrency trading platform and had allegedly carried out money laundering by trading money from unknown sources through the bank , Cash deposits and cryptocurrencies.

Meanwhile, the statement revealed that the two siblings have since been released on bail, but indicated that the investigation continues while “the likelihood of further arrests is not excluded”.

Offenders can be detained for a maximum of 14 years

According to the OSCO, a person is deemed to be punishable “if he has anything to do with property and knows or has reasonable grounds to believe that this property, in whole or in part, directly or indirectly represents the proceeds of a person from a criminal act”.

Those found guilty of the crime face a maximum prison sentence of 14 years plus a fine of $ 5 million, while the proceeds of their activities are forfeited to the state, the statement said.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems of some African countries and how digital currencies can provide an escape route for Africans.

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