TechFlow News, June 23: According to HK01, Hong Kong police have cracked a cross-border money laundering case. The suspect group used 43 Hong Kong bank accounts between June and September 2024 to process proceeds from 34 fraud cases, totaling approximately HK$18 million. Police also suspect the group laundered up to HK$230 million in criminal proceeds via bank accounts for cryptocurrency transactions.
Police investigations revealed that a 34-year-old Mainland Chinese woman allegedly traveled to Hong Kong to open multiple nominee bank accounts, assisting the criminal syndicate in laundering approximately HK$9.29 million in illicit gains. She purchased cryptocurrencies through virtual asset exchange shops to conceal the origin and flow of funds. The woman was sentenced to 47.5 months’ imprisonment.
Hong Kong police warn that assisting criminal groups in handling funds carries a maximum penalty of 10 years’ imprisonment, while conviction for money laundering carries a maximum fine of HK$5 million and up to 14 years’ imprisonment.
