【Hong Kong Police Crack Down on Money Laundering Case Using Puppet Accounts and Virtual Currency Exchange Shops, Two Offenders Sentenced to Prison】

ChainCatcher reports that according to Hong Kong media outlet Hong Kong 01, the Hong Kong police have uncovered a money laundering case involving the use of puppet accounts and virtual currency exchange shops. It is understood that two mainland Chinese individuals set up puppet accounts in Hong Kong, using 43 local bank accounts to receive 34 fraudulent payments from various scam cases, and purchased cryptocurrencies at virtual asset exchange shops, laundering approximately HKD 17.3 million in criminal proceeds. Fund flow analysis shows that the criminal group conducted cryptocurrency transactions through local bank accounts, laundering up to HKD 230 million. The Hong Kong police charged the two individuals with 3 and 10 counts of money laundering respectively. After reviewing the case, the court approved increased sentences of 28 months and 43 months in prison for each.