Hong Kong customs police have arrested 3 individuals in connection with a HK$1.8 billion money-laundering conspiracy involving a cryptocurrencycurrency platform and bank accounts of shell firms. The suspects, a 42-year-old woman and two males aged 48 and 60 are accused of orchestrating a complicated scam involving many shell businesses and cryptocurrencycurrency platforms.
The suspects reportedly established five corporations and 18 local bank accounts between June 2021 and July 2022, facilitating over 1,000 questionable transactions. The scheme involves transferring monies from unknown sources through several businesses, confusing the money trail.
Customs officials identified abnormally high transactions in bank accounts linked to shell firms lacking tax filings or physical addresses. These accounts, processing up to HK$39 million daily, prompted suspicions, leading to a full inquiry.
Florence Yeung Yee-tak, commander of the customs’ financial investigation division, underlined the problems in probing cryptocurrencycurrency-related money laundering due to its jurisdictional flexibility. Despite these barriers, customs responded on intelligence, undertaking rigorous capital movement analysis and financial investigations to curtail the crime.
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