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January 23, 2022
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Hong Kong Authorities Arrest Two Siblings Accused of Laundering $384 Million via Banks, Crypto Platform – Regulation Bitcoin News

Authorities in Hong Kong have arrested two people accused of laundering about $384 million utilizing varied avenues together with a cryptocurrency trade buying and selling platform. If convicted, the 2 face a most jail sentence of 14 years plus a wonderful of $5 million.

An Indictable Offense

Two individuals accused of laundering about $384 million utilizing a cryptocurrency trade platform have been arrested, the Hong Kong regional authorities has mentioned. The arrest of the 2, a 28-year-old lady and her 21-year-old brother, adopted a raid on their residential premises carried out by the Hong Kong Customs on December 28.

In an announcement explaining the fees, the Government of Hong Kong Special Administrative Region mentioned motion had been taken as a result of the siblings had dealt “with property known or reasonably believed to represent proceeds of an indictable offence” underneath the area’s Organized and Serious Crimes Ordinance (OSCO).

The authorities’s assertion additionally explains the investigative steps that had been taken previous to the arrests, noting:

[The] investigation revealed that the 2 arrested individuals had opened private accounts between May to November final yr at varied banks in Hong Kong (together with digital banks) and a cryptocurrency trade buying and selling platform, and engaged in suspected cash laundering by coping with cash from unknown sources via financial institution transfers, money deposits and cryptocurrency.

Meanwhile, the assertion revealed that the 2 siblings had since been launched on bail however it urged that investigations will proceed whereas the “likelihood of further arrests is not ruled out.”

Offenders Can Be Jailed for Maximum of 14 Years

Under the OSCO, an individual is taken into account to have dedicated 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.”

Those discovered responsible of this offense face a most jail sentence of 14 years plus a wonderful of $5 million, whereas the proceeds of their actions shall be forfeited to the state, the assertion mentioned.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.














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