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Hong Kong Customs cracked a HK$1.8 billion money laundering case involving a virtual currency trading platform

Hong Kong Customs has reported a successful crackdown on a major money laundering case, involving a staggering HKD 1.8 billion. According to preliminary investigations, a criminal group consisting of three individuals processed over 1,000 suspicious transactions between June 2021 and July 2022 through the establishment of multiple shell companies and bank accounts, including a significant amount of suspicious fund transfers from virtual currency trading platforms. This indicates that the criminals tried to launder their illegal proceeds by taking advantage of the anonymity of virtual currencies. Currently, Customs has arrested three key members of the criminal group, seized the assets of the involved companies, and confiscated a large number of criminal tools, including mobile phones, company seals, and bank cards. The case is still under further investigation, and more suspects may be arrested. This case once again sounds the alarm, reminding the virtual currency industry to increase vigilance and strictly comply with anti-money laundering regulations.

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