us

216.73.216.133

Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion

n-img-chinese

Chinese Authorities in the Hunan province have busted a criminal ring of 92 individuals for allegedly laundering RMB 40 billion through cryptocurrencies.

​​As China continues its crackdown on financial crime involving digital assets, there have been quite a few cases of money laundering that have made the headlines. 

China has not only ramped up efforts to prevent the use of cryptocurrencies for illegal activities but has also demonstrated progress in regulating the industry as a whole. The country has previously imposed bans on crypto trading, mining, and the use of digital assets for payments. 

The money laundering ring arrested by Chinese Authorities has been led by an individual name Hong since 2018. The group has laundered funds. 

Since 2018, led by an individual surnamed Hong, the suspects had been laundering funds gained from fraud and gambling across the country, according to a Sunday post on the official WeChat account of the Hengyang county police department, which made the arrest. 

The group was reportedly using crypto to convert the funds to U.S. dollars, the post said. Police seized more than 100 mobile phones and computers, RMB 300 million ($41.9 million) of funds and other losses for the victims, the post said.

In other news, Chinese authorities busted a money laundering operation worth 200 million renminbi that made use of its central bank’s digital currency (CBDC).

The operation took place in the Fujian district of the country, local media outlets reported, after law enforcement discovered a clue in August this year.

Once they realized that there appeared to be a money laundering operation going on, the city’s various bodies set up a joint task force to deal with the matter. 

The operation was led by Lai Moumou and Zhang Moumou, and they reportedly conducted a variety of criminal activities using the CBDC.

Suggested read:  Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes

Related Posts

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started