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Hong Kong authorities arrested two for allegedly laundering $ 385 million in crypto money

                                                            Zollbeamte von Hongkong gaben am Dienstag bekannt, dass sie zwei Personen festgenommen haben, die verdächtigt werden, über ihre persönlichen Bankkonten und eine Crypto-Handelsplattform Geld im Wert von über 380 Millionen US-Dollar gewaschen zu haben.

Arrested for crypto laundering

The suspects, a 28-year-old woman and her 21-year-old brother, were arrested in Yau Tong, a residential area in Hong Kong, after customs authorities obtained information from unknown sources.

Following the investigation, authorities announced that the two suspects opened personal accounts with several Hong Kong banks between May and November 2020, including an online bank and a crypto exchange trading platform. The duo then moved funds through bank transfers, cash deposits, and cryptocurrency transactions.

According to the customs officials, both persons were arrested for “handling property which is known or reasonably believed to be the result of a criminal offense”.

With the investigation ongoing, the siblings have been released on bail under certain conditions, but further arrests are likely to be made. If found guilty, the suspects risk a maximum of 14 years in prison, fined $ 5 million, under Hong Kong law.

Criminals exploiting crypto

As crypto continues to boom and move towards global adoption, criminals have turned the digital asset space into a playground while using it for their illicit acts like money laundering, drug trafficking, and terrorist financing.

Last June, Chinese authorities arrested over 1,000 suspects who allegedly used crypto assets to launder illegal funds for fraudulent activities on the telecommunications network.

In October 2020, a Rotterdam court confiscated Bitcoin worth around 29 million euros and sentenced two BTC traders to 2 and 2.5 years in prison for money laundering operations.

As criminals use crypto as a tool for their illegal activities, regulators around the world are looking for ways to curb it. In September, the Swiss Financial Market Supervisory Authority (FINMA) announced plans to impose anti-money laundering regulations on crypto providers.


Source: Crypto News Deutsch

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