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.
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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