Hong Kong Authorities Arrest Two Siblings Accused of Laundering $384 Million Through Banks and Crypto Platform – Regulation

Authorities in Hong Kong have arrested two people accused of laundering about $384 million through various avenues, including a cryptocurrency trading platform. If convicted, the two face a maximum prison sentence of 14 years and a fine of $5 million.

A punishable offence

Two people accused of laundering about $384 million using a cryptocurrency platform have been arrested, the Hong Kong regional government said. The two, a 28-year-old woman and her 21-year-old brother, were arrested on December 28 after a search of their residence by Hong Kong Customs.

In a statement explaining the charges, the Hong Kong SAR government said action was taken because the siblings had "handled property known or reasonably believed to constitute the proceeds of an offense" under the region's Organized and Serious Crimes Ordinance (OSCO). ).

The government statement also explains the investigative steps taken before the arrests, noting:

[The] Ermittlungen ergaben, dass die beiden Festgenommenen zwischen Mai und November letzten Jahres persönliche Konten bei verschiedenen Banken in Hongkong (einschließlich virtueller Banken) und einer Kryptowährungs-Handelsplattform eröffnet hatten und mutmaßliche Geldwäsche betrieben hatten, indem sie über die Bank mit Geld aus unbekannten Quellen handelten Überweisungen, Bareinzahlungen und Kryptowährungen.

Meanwhile, the statement revealed that the two siblings have now been released on bail, but suggested that investigations are continuing while "the likelihood of further arrests is not ruled out."

Criminals can be imprisoned for a maximum of 14 years

According to the OSCO, a person is considered to be guilty of an offense "if he or she deals with property and knows or has reasonable grounds to believe that such property, in whole or in part, constitutes, directly or indirectly, the proceeds of a person's criminal activity."

Those found guilty of this offense face a maximum prison sentence of 14 years plus a $5 million fine, while the proceeds of their activities are forfeited to the state, the statement said.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and author in Zimbabwe. He has written extensively about the economic woes of some African countries and how digital currencies can provide an escape route for Africans.

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