Hong Kong’s Customs and Excise Department arrested two people suspected of laundering over $384 million, through a cryptocurrency exchange and personal bank accounts, a statement said Wednesday.
“Acting upon intelligence, Customs officers targeted a woman and her younger brother who were suspected of using personal bank accounts and a cryptocurrency exchange trading platform in dealing with money from unknown sources and participating in money laundering activities,” the statement said.
Customs agents raided a residential premises in Yau Tong, and a 21-year-old man and a 28-year-old woman were arrested for “dealing with property known or reasonably believed to represent proceeds of an indictable offence” the statement added.
The two suspects had opened personal accounts between May to November last year at various banks in Hong Kong (including virtual banks) and a cryptocurrency exchange trading platform, the Excise Department said, without naming the banks or the crypto exchanges.
The suspects have been released on bail pending further investigation and the likelihood of further arrests is not ruled out.
The maximum penalty if convicted is a fine of $5 million and imprisonment for 14 years.