BlockBeats news, on July 22, according to (Sing Tao Daily), Hong Kong Customs today cracked a case involving money laundering through the smuggling of cash and virtual assets, with an amount involved of approximately HKD 1.15 billion, arresting a local man and a non-local man.
Customs had previously identified a 37-year-old local man and a 50-year-old non-local man based on intelligence and launched a financial investigation, discovering that the two were suspected of smuggling cash out of the country and frequently conducting large transactions of stablecoins and fiat currency, with unknown sources of funds inconsistent with their backgrounds, suspected of money laundering.
After in-depth investigation, Customs conducted surprise searches this morning at 4 residential units and 2 companies, and arrested the two under the (Organized and Serious Crimes Ordinance) on charges of 'dealing with property known or believed to be proceeds of crime' (i.e., money laundering). During the operation, Customs seized multiple mobile phones, tablets, and bank cards as suspected items related to the case. The investigation is ongoing, and the two men are currently out on bail awaiting trial, with the possibility of more arrests.
