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Hong Kong Customs Busts $1.15 Billion Money Laundering Case Involving Virtual Asset Trading and Cash Smuggling
BlockBeats News, July 22nd, according to Sing Tao Daily report, Hong Kong Customs today uncovered a suspected money laundering case involving the smuggling of cash and virtual assets, with the amount involved approximately 1.15 billion Hong Kong dollars, and arrested one local male and one non-local male.
Earlier, Customs targeted a 37-year-old local male and a 50-year-old non-local male based on intelligence and initiated a financial investigation. It was found that the two individuals were suspected of illegally smuggling cash out of the country and rapidly conducting large transactions between stablecoins and fiat currencies, with unclear funding sources that did not match their backgrounds, indicating potential money laundering activities.
After an in-depth investigation, Customs conducted a surprise search this morning on 4 residential units and 2 companies and arrested the two individuals under the "Organized and Serious Crimes Ordinance" on charges of "dealing with property known or believed to represent proceeds of crime" (i.e., money laundering). During the operation, Customs seized multiple mobile phones, tablets, and bank cards, among other items suspected to be related to the case. The case is still under investigation, and the two men are currently on bail pending further inquiries, with the possibility of more arrests.
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