China Authorities Arrest Two Siblings Accused of Laundering $384 Million - www.cryptocrypto.co.za

China Authorities Arrest Two Siblings Accused of Laundering $384 Million

Two individuals were arrested in Hong Kong China for laundering approximately $384 million through various channels, including a cryptocurrency trading platform. The maximum sentence for the two men is 14 years in prison and a $5 million fine.

China – An Indictable Offense

The Hong Kong China regional government announced that two people were arrested for laundering $384 million through cryptocurrency exchange platforms. Following a raid at their homes by Hong Kong Customs, the arrests of the two women, aged 28 and 21 respectively, was made.

The Government of Hong Kong Special Administrative Region stated that the charges were brought against them because the siblings had “dealt with property known or reasonably believed by be proceeds of an indictable offense” as per the Organized and Serious Crimes Ordinance of the region (OSCO).

The government also provided details about the investigation steps taken before the arrests.

The investigation revealed that two of the arrested had opened accounts in personal banks in Hong Kong, including virtual ones, in May and November last year. They also traded on a cryptocurrency trading platform and were involved in money laundering. This involves dealing with money from unidentified sources via bank transfers, cash deposits, and cryptocurrency.

The statement indicated that the siblings were released on bail, but the statement suggested that further investigations would continue and that it was possible for additional arrests to be made.

Maximum 14 years can be served for offenders

The OSCO states that a person is guilty of an offense if they deal with property knowing or having reasonable grounds for believing that such property directly or indirectly represents the proceeds of an indictable offense.

The statement stated that those found guilty of the offense will face a maximum sentence of 14 years in prison and a $5 million fine. However, the proceeds from their activities will be forfeited by the state.