​Hong Kong Arrests Two Suspects Over Laundering $48M in Crypto
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​Hong Kong Customs has arrested two persons suspected of engaging in money laundering activities involving over $48.7 million in fiat money and cryptocurrencies. According to a report, a woman and her younger brother were using personal bank accounts and a cryptocurrency exchange for money laundering.

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The investigation found that the two arrested persons had opened personal accounts between May to November in 2020 at various banks in Hong Kong and a cryptocurrency exchange. The exchange's name remains undisclosed. The maximum penalty upon conviction is a fine of $641,000 and imprisonment for 14 years. Hong Kong Customs notes the crime proceeds are also subject to confiscation.

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In July, Hong Kong Customs also arrested four men for an alleged money-laundering syndicate, which involved ~$155 million in cryptocurrencies. As a result of the so-called "Coin Breaker" operation four men aged between 24 and 33 have been arrested.

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