Hong Kong Authorities Arrest 2 Suspects Over Laundering HK$384 Million

​Fazzaco learned that Hong Kong Authorities have arrested two individuals suspected of engaging in money laundering activities involving HK$384 million through various channels, including cryptocurrency platform.

More specifically, the arrest of the two, a 28-year-old woman and her 21-year-old brother, followed a raid on their residential premises conducted by the Hong Kong Customs. 

A further investigation revealed that the two arrested persons had opened personal accounts between May to November last year at various banks in Hong Kong (including virtual banks) and a cryptocurrency exchange trading platform, and engaged in suspected money laundering by dealing with money from unknown sources through bank transfers, cash deposits and cryptocurrency. 

An investigation is ongoing. The two arrested persons have been released on bail pending further investigation and the likelihood of further arrests is not ruled out. If convicted, the two face a maximum jail sentence of 14 years plus a fine of $5 million, while the proceeds of their activities will be forfeited to the state.