Two Arrested for Laundering $384M Through crypto Exchange and Bank

Snapshot

• Custom Agents in Hong Kong, Yau Tong district, arrested a 28-year-old woman and her 21-year-old brother in a money laundering case.  

The customs and excise department of Hong Kong have arrested two people on suspicion of laundering $384 million through crypto exchanges and personal banks accounts.

The two suspects were arrested under OSCO (Organized and serious Crime Ordinance) for laundering money. 

As per the information released by the agency, it was declared that the two suspects had opened personnel accounts in different banks across Hong Kong from May to November, in 2020, and also on crypto exchanges. The accused are suspected of dealing in money from unknown sources, through cash deposits, cryptocurrency, and bank transfers. 

Under OSCO, a person is committing a crime if he/she is dealing with property that is somehow linked to an indictable offense. If convicted the maximum penalty is imprisonment for 14 years and a fine of $5 million, crime proceeds are also confiscated.   

Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.

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