<ul><li>Hong Kong police have arrested 12 individuals linked to a cross-border money laundering syndicate accused of laundering HK$118 million (US$15 million) through bank accounts and crypto exchange shops.</li><li>12 suspects aged between 20 to 42 arrested, linked to laundering funds from 58 fraud cases totaling HK$43.2 million in losses.</li><li>Over 550 bank accounts were used to launder illicit funds by converting them to digital assets at crypto exchange stores. Police seized over HK$1 million in cash, 560+ ATM cards in raids.</li><li>Hong Kong police continue to ramp up efforts in combating fraud, warning of severe penalties for money launderers under the Organized and Serious Crimes Ordinance.</li></ul>

Hong Kong Police Bust $15 Million Crypto Money Laundering Ring

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