Hong Kong is stepping up efforts to battle cash laundering involving cryptocurrencies.
Town’s Customs and Excise Division has partnered with the College of Hong Kong to develop a device that tracks suspicious cryptocurrency transactions.
Based on a June 12 report by the South China Morning Submit, the aim is to assist officers determine and examine digital cash trails that could be used to hide illicit funds.
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Throughout a press briefing, Assistant Commissioner Mario Wong Ho-yin defined that tackling these crimes requires a joint effort from legislation enforcement, finance specialists, and educational researchers, since no single group can handle it alone.
Wong didn’t share technical particulars about how the crypto-tracking system works, as he famous that the venture remains to be below improvement. Nonetheless, the main target is to carry information, analysis, and cooperation to enhance how digital crimes are dealt with.
Between 2021 and Could 2025, Hong Kong authorities dealt with 39 large-scale cash laundering instances. Out of these, seven concerned crypto.
Based on the report, over HK$1.8 billion (about US$229 million) was transferred by way of greater than 1,000 shady transactions, which concerned 5 firms and 18 native financial institution accounts. Three individuals had been arrested, and two had been suspected of transferring HK$760 million by way of a crypto platform.
In a separate case, authorities in Hong Kong, in cooperation with Chinese language police, not too long ago shut down a cryptocurrency-based cash laundering operation. How did the raid unfold? Learn the complete story.
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