Hong Kong Police Bust $295 Million Cryptocurrency Money Laundering Ring, Mainland Woman Sentenced to 47.5 Months

According to HK01, Hong Kong police dismantled a cross-border money laundering operation during June-September 2024 that involved 43 local bank accounts processing HK$18 million from 34 fraud cases. The ring suspected laundered HK$230 million in criminal proceeds through cryptocurrency exchanges. A 34-year-old mainland woman pleaded guilty to opening shell bank accounts and purchasing cryptocurrencies via virtual asset exchange shops to obscure fund sources, washing approximately HK$9.29 million. She was sentenced to 47.5 months imprisonment. Hong Kong authorities warned that facilitating criminal money transfers carries up to 10 years imprisonment; money laundering offenses carry maximum penalties of HK$5 million and 14 years imprisonment.
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