Hong Kong Police Target Money Laundering Syndicate in Major Raids – Coincu
The post Hong Kong Police Target Money Laundering Syndicate in Major Raids – Coincu appeared on BitcoinEthereumNews.com.
Key Points: Hong Kong police action dismantles money laundering syndicate using crypto exchanges. 118 million yuan in illicit funds affected. Ongoing anti-fraud enhancements in Hong Kong. On May 17, 2025, Hong Kong police executed a significant operation against a cross-border money laundering syndicate. The ring used Hong Kong bank accounts and virtual asset exchanges to process 118 million yuan in illicit funds. The operation emphasizes Hong Kong’s intensified anti-money laundering efforts, aligning with ongoing policies to combat fraud and misuse of cryptocurrencies. Chief Inspector Cha Yuen-shan of the Commercial Crime Bureau highlighted the proactive measures undertaken to dismantle such syndicates. Illegal crypto conversions at exchange shops were central to the laundering operations, marking a rise in using cryptocurrencies for illicit activities. 118 Million Yuan Seized in Cross-Border Operation The Hong Kong police conducted a strategic raid against a money laundering group between mainland China and Hong Kong. Twelve individuals were arrested, seizing illicit proceeds of 118 million yuan, processed through over 500 bank accounts from July 2024 to May 2025. The police force’s commitment to preventing financial crime remains steadfast. The crackdown enhances Hong Kong’s reputation as a resilient financial hub, ensuring robust measures are in place against criminal exploitation. Cryptocurrency use in money laundering is evident, showcasing the need for stringent oversight on crypto exchanges. Ongoing enhancements in anti-money-laundering protocols are expected, targeting both traditional and digital financial systems. “We are rolling out new and enhanced protocols targeting both traditional banking systems and cryptocurrency infrastructure to combat the abuse of mule accounts.” — HK Monetary Authority, HK Police Force, and HK Association of Banks Bitcoin’s Role Amid Hong Kong’s Regulatory Push Did you know? Hong Kong’s previous operation, “GREYTHUNDER,” busted a similar ring in 2023, using 33 accounts. Bitcoin currently leads the cryptocurrency market with a price of 102,968.77…
Filed under: News - @ May 17, 2025 2:28 pm