Hong Kong Arrests 2 Suspected of Laundering $384M Through Banks and a Crypto Exchange

Hong Kong Arrests 2 Suspected of Laundering 4M Through Banks and a Crypto Exchange
Hong Kong’s Customs and Excise Department arrested two people suspected of laundering about $384 million through personal bank accounts and a cryptocurrency exchange, the agency said in a release dated Dec. 28.The two were arrested under the Organized and Serious Crimes Ordinance (OSCO) for “dealing with property known or reasonably believed to represent proceeds of an indictable offence,” or money laundering.The release said the suspects had opened personal accounts from May to November last year at various Hong Kong banks, including virtual banks and a cryptocurrency trading platform. They were accused of engaging in suspected money laundering by dealing with…