Odaily reports: Hong Kong police have dismantled a cross-border criminal syndicate that used virtual currency over-the-counter (OTC) channels for money laundering, arresting 22 people, including 21 men and 1 woman, aged between 21 and 54. Police investigation found that the syndicate had been active since August this year, recruiting mainland individuals to come to Hong Kong to open puppet bank accounts, withdraw criminal proceeds in cash, and then transfer the funds to virtual currency OTC shops operated by the syndicate, laundering the money through buying and selling virtual currencies and other means. Police estimate that the syndicate was involved in laundering more than HK$150 million between August and October this year alone.
It is reported that the syndicate had a clear division of labor: first, it arranged for mainland individuals holding two-way permits to come to Hong Kong and open online banking accounts to receive criminal proceeds; then it recruited cash withdrawal personnel who used bank cards distributed by the syndicate to withdraw cash from ATMs at different locations and different banks, after which runners collected the cash and transported it to OTC shops to complete the money laundering. (Ming Pao)
