Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring

 Hong Kong police detained 458 people and seized $65 million in connection with an extensive criminal organisation for carrying out terrorist financing and money laundering operations on August 25th.

On August 25th, Hong Kong police incarcerated 458 people and confiscated $65 million in connection with a money laundering ring over a span of 17 days. The sting purportedly took down a triad-controlled group that used cryptocurrency trading to launder the profits gained from up to 314 different crimes. As a result of 400 raids conducted across the city, 330 males and 128 females were arrested over the course of the investigation. 423 locals and visitors from mainland China and others were among the suspects. 

Law authorities reportedly seized more than 16 million yuan ($2 million) during the course of the raid. Nonetheless, this was insignificant compared to the 470 million yuan ($65 million) acquired through alleged money laundering. 

Senior Superintendent, Lui Che-ho, stated that organised crime groups had taken advantage of many of those arrested. He said, “criminal syndicates lured them into money-laundering activities with monetary rewards. They were paid hundreds to thousands of dollars each but had to hand over the details of the bank accounts used to process the illegal funds.” He added that the operation transferred illegal money from bank accounts to the triad accounts and utilized the money to buy cryptocurrency. Despite rigorous AML requirements, Hong Kong is still struggling to grow its crypto business whilst deterring crime.

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