Two Hong Kong residents charged with money laundering…

Two Hong Kong residents charged with money laundering… post thumbnail image

It was not reported which exchanges were involved in the illegal operations.

Hong Kong police have detained a brother and sister accused of laundering $384 million through crypto exchanges and banks. This was reported by the CoinDesk portal with reference to local media outlets.

A 28-year-old woman and her 21-year-old brother helped withdraw funds obtained from criminal activities, according to the investigation.

The investigation revealed that between May and November last year, the defendants opened personal accounts at various banks in Hong Kong (including virtual ones), as well as on an unnamed trading platform. They receive money into these accounts from unknown sources in the form of money transfers and cryptocurrencies and cash deposits.

The accused was released on bail, the portal reports. They face up to 14 years in prison and a $5 million fine. It was also reported that “further arrests are not excluded.”

We will remind you that recently two major UK banks – NatWest and HSBC – were fined for not complying with anti-money laundering laws.

Read also: The US Treasury has imposed sanctions on crypto exchanges originating in Russia for laundering extortionate proceeds.

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