Hong Kong Customs arrested three people on suspicion of laundering more than HK$1.8 billion ($229.9 million) through a cryptocurrency platform and shell companies.
The trio — two men and one woman aged between 42 and 60 — is believed to have set up five local companies and 18 bank accounts between June 2021 and July 2022 and processed more than 1,000 suspicious transactions, the Customs and Excise Department said at a media conference on Thursday.
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The bulk transactions had mounted up to over HK$1.8 billion, including funds transferred from a cryptocurrency trading platform, which prompted a customs investigation, customs officers said.
Customs believes the trio are core members of the syndicate, and they were released on bail pending further investigation
Acting upon intelligence, Customs raided seven companies — two of which were money service operators — and four residential units on Wednesday, arresting three people.
Officers seized mobile phones, company documents and stamps, bank cards, remittance documents, and some other items suspected to relate to the case during the operation.
Customs believes the trio are core members of the syndicate, and they were released on bail pending further investigation.
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Customs warned that people may risk committing the crime of money laundering if their personal or company accounts have been used to process funds of unknown origin, whether they receive monetary reward or not.
Under the Organized and Serious Crimes Ordinance, people who deal with properties knowing or having reasonable grounds to believe such properties are proceeds of crime may face a fine of up to HK$5 million and imprisonment of up to 14 years.
