Hong Kong Builds Crypto Tracker to Catch Laundered Cash

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Hong Kong is stepping up efforts to battle cash laundering involving cryptocurrencies.

The town’s Customs and Excise Division has partnered with the College of Hong Kong to develop a device that tracks suspicious cryptocurrency transactions.

In line with a June 12 report by the South China Morning Publish, the aim is to assist officers determine and examine digital cash trails that could be used to hide illicit funds.

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Throughout a press briefing, Assistant Commissioner Mario Wong Ho-yin defined that tackling these crimes requires a joint effort from legislation enforcement, finance specialists, and tutorial researchers, since no single group can handle it alone.

Wong didn't share technical particulars about how the crypto-tracking system works, as he famous that the mission remains to be underneath improvement. Nonetheless, the main target is to convey knowledge, analysis, and cooperation to enhance how digital crimes are dealt with.

Between 2021 and Might 2025, Hong Kong authorities dealt with 39 large-scale cash laundering circumstances. Out of these, seven concerned crypto.

In line with the report, over HK$1.8 billion (about US$229 million) was transferred by way of greater than 1,000 shady transactions, which concerned 5 corporations and 18 native financial institution accounts. Three folks have been arrested, and two have been suspected of transferring HK$760 million by way of a crypto platform.

In a separate case, authorities in Hong Kong, in cooperation with Chinese language police, lately shut down a cryptocurrency-based cash laundering operation. How did the raid unfold? Learn the total story.

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