On March 5, according to Hong Kong 01, Hong Kong police cracked a money laundering case involving dummy accounts and cryptocurrency exchange shops. Two mainland Chinese men and women went to Hong Kong to open dummy accounts and used 43 local bank accounts to receive funds from 34 different fraud cases. They also purchased cryptocurrency at cryptocurrency exchange shops and laundered approximately HK$17.3 million in proceeds of crime.
Analysis of fund flows revealed that the criminal syndicate laundered up to HK$230 million through cryptocurrency transactions via local bank accounts. Hong Kong police charged the two individuals with three and ten counts of money laundering respectively. After reviewing the case, the court approved aggravated sentences of 28 months and 43 months imprisonment respectively.
