Hong Kong Authorities Arrest Two Siblings Accused of Laundering $384 Million via Banks, Crypto Platform – Regulation Bitcoin News

Two individuals were arrested in Hong Kong for laundering approximately $384 million through various channels, including an exchange trading platform. Two individuals were arrested in Hong Kong for laundering approximately $384 million using various avenues, including a cryptocurrency exchange trading platform. They could be sentenced to a maximum of 14 years imprisonment and a fine up to $5,000,000.

An Indictable Offense

According to the Hong Kong Regional Government, two individuals were accused of laundering approximately $384million using cryptocurrency exchange platforms. Following a raid at their homes by Hong Kong Customs, the arrests of two women aged 28 and 21 respectively, was made.

In a statement explaining the charges, the Government of Hong Kong Special Administrative Region said action had been taken because the siblings had dealt “with property known or reasonably believed to represent proceeds of an indictable offence” under the region’s Organized and Serious Crimes Ordinance (OSCO).

The government’s statement also explains the investigative steps that had been taken prior to the arrests, noting:

[The]Investigation revealed that two of the arrested had opened accounts in personal banks in Hong Kong between May and November 2013 (including virtual ones) and used a cryptocurrency trading platform to trade. They also engaged in money laundering, dealing with cash deposits, bank transfers and cryptocurrency.

Meanwhile, the statement revealed that the two siblings had since been released on bail but it suggested that investigations will continue while the “likelihood of further arrests is not ruled out.”

A maximum of 14 years can be served for offenders

Under the OSCO, a person is considered to have committed an offense “if he or she deals with any property knowing or having reasonable grounds to believe that such property in whole or in part directly or indirectly represents any person’s proceeds of an indictable offence.”

The statement stated that those found guilty will face up to 14 years in prison and a $5 million fine. However, forfeiture of the proceeds from their activities is possible for the state.

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Terence Zimwara

Terence Zimwara was a Zimbabwe-award winning journalist, author, and writer. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.







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