Authorities in Hong Kong Arrest 2 Siblings Charged with Laundering $384 M via Crypto Platform and Banks

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Authorities in Hong Kong have arrested two people who are accused of laundering $384 million via various channels, including a cryptocurrency exchange trading platform. Two individuals were arrested in Hong Kong for laundering approximately $384 million using various avenues, including a cryptocurrency exchange trading platform. They could be sentenced to a maximum of 14 years imprisonment and a $5,000,000 fine.

An Indictable Offense

The Hong Kong regional government announced that two people were arrested for laundering $384 million through cryptocurrency exchange platforms. Following a raid on their homes by Hong Kong Customs on December 28, the two were arrested.

In a statement explaining the charges, the Government of Hong Kong Special Administrative Region said action had been taken because the siblings had dealt “with property known or reasonably believed to represent proceeds of an indictable offence” under the region’s Organized and Serious Crimes Ordinance (OSCO).

The government’s statement also explains the investigative steps that had been taken prior to the arrests, noting:

    [The]Investigation revealed that the two suspects had opened personal accounts at several banks in Hong Kong (including virtual ones) between May and November last year. They also traded on a cryptocurrency trading platform and engaged in money laundering by dealing in money from unknown sources via bank transfers, cash deposits, and cryptocurrency.

Meanwhile, the statement revealed that the two siblings had since been released on bail but it suggested that investigations will continue while the “likelihood of further arrests is not ruled out.”

Maximum 14 years can be served for offenders.

Under the OSCO, a person is considered to have committed an offense “if he or she deals with any property knowing or having reasonable grounds to believe that such property in whole or in part directly or indirectly represents any person’s proceeds of an indictable offence.”

The statement stated that those found guilty of this offense will face a maximum sentence of 14 years in prison and a fine up to $5 million. However, the proceeds of their activities would be forfeited to state.