From Cointelegraph

May 17, 2025 8:49 pm:

Hong Kong police arrested 12 people in a cross-border money laundering scheme using crypto and 500 bank accounts to launder $15 million. The syndicate was dismantled on May 15, resulting in arrests in mainland China and Hong Kong. They used bank accounts to receive fraud proceeds and convert them into crypto, with $1.2 million linked to 58 fraud cases.

The bust on May 15 followed police surveillance, where two recruits attempted to launder cash into crypto at a shop in Tsim Sha Tsui. Police arrested them, seizing $98,540 in cash. The other 10 individuals, aged 20-41, were arrested soon after. Authorities seized $134,370 in cash, 560 ATM cards, phones, and bank documents related to crypto transactions.

Senior Inspector Tse Ka-lun claimed that individuals used bank accounts from friends and family to launder stolen funds. Hong Kong saw a 12% increase in fraud reports in 2024, with over 10,000 fraud-related arrests. Around 73% of the arrests involved individuals with stooge bank accounts.

Hong Kong continues to roll out its crypto regulatory framework to support local innovation, protect consumers, and establish itself as a crypto hub. The Securities and Futures Commission introduced new rules for crypto exchanges offering staking services in April. Two months earlier, the securities regulator rolled out a roadmap to improve market access and foster relationships with industry players.

Read more at Cointelegraph: Hong Kong police busts $15M laundering ring that used crypto, 500 bank accounts