Hong Kong authorities have arrested two people accused of laundering around $ 384 million using various avenues, including a cryptocurrency exchange. If found guilty, the two face a maximum prison sentence of 14 years plus a fine of $ 5 million.
A criminal act
Two people accused of laundering around $ 384 million using a cryptocurrency exchange have been arrested, the Hong Kong regional government said. The arrest of the two, a 28-year-old woman and her 21-year-old brother, follows a raid on their residential premises by Hong Kong Customs on December 28.
In a statement explaining the charges, the Hong Kong Special Administrative Region government said action had been taken because the siblings had treated “property known or reasonably believed to be the proceeds of a crime.” under the Region’s Organized and Serious Crime Ordinance (OSCO).
The government statement also explains the investigative steps that had been taken prior to the arrests, noting:
[The] The investigation found that the two arrested had opened personal accounts between May and November last year at various banks in Hong Kong (including virtual banks) and a cryptocurrency exchange, and had engaged in suspicion of money laundering by processing money from unknown sources through a bank. transfers, cash deposits and cryptocurrency.
Meanwhile, the statement revealed that the two siblings have since been released on bail, but suggested that investigations will continue as “the likelihood of further arrests is not ruled out.”
Offenders can be jailed for a maximum of 14 years
Under the OSCO, a person is considered to have committed an offense “if he deals with any property knowing or having reasonable grounds to believe that such property represents in whole or in part, directly or indirectly, the proceeds of the property. ‘a criminal act for a person. “
Those convicted of the offense face a maximum prison sentence of 14 years plus a fine of $ 5 million, while the proceeds of their activities will be forfeited to the state, the statement said.
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