Hong Kong customs has cracked a money laundering case involving HKD 1.15 billion, related to virtual asset transactions and cash smuggling.

On July 22, according to the Sing Tao Daily, the Hong Kong Customs today cracked a case suspected of laundering money through smuggling cash and virtual assets, with an amount involved of approximately HKD 1.15 billion. One local man and one non-local man were arrested. Customs had earlier identified a 37-year-old local man and a 50-year-old non-local man based on intelligence and launched a financial investigation, discovering that the two were suspected of smuggling cash out of the country and frequently conducting large transactions of stablecoins and fiat currency, with unclear sources of funds that were highly inconsistent with their backgrounds, suspected of money laundering. After an in-depth investigation, Customs raided 4 residential units and 2 companies this morning, and arrested the two men under the Organized and Serious Crimes Ordinance on charges of "dealing with property known or believed to be the proceeds of crime" (i.e., money laundering). During the operation, Customs seized multiple mobile phones, tablets, and bank cards suspected to be related to the case. The case is still under investigation, and the two men are currently on bail awaiting trial, with the possibility of more arrests.