August 18, 2022

On Tuesday, a Hong Kong man was arrested for stealing HK$1.5M from a feminine dealer in Tsim Sha Tsui, an city district in southern Kowloon, Hong Kong.

A 24-year-old man was arrested by Hong Kong police Tuesday for allegedly stealing funds from a Hong Kong citizen, an offense punishable by as much as ten years in jail. The suspect allegedly lured the sufferer and two colleagues into the assembly room of a store in Tsim Sha Tsui, the place the sufferer transferred $HK1.5M (US$191,085) to an e-wallet. The suspect then exited the premises underneath the pretense that he would get money for the sufferer. The sufferer and her colleagues then found they had been locked in and known as the police, who tracked down the sufferer on Tuesday in Sham Shui Po in northern Kowloon.

The police haven’t recovered any cash however seized among the suspect’s private results from the bogus store, which had been rented underneath the title of a shell firm. “Contained in the store, the banknote counter was not linked to electrical energy. What regarded like computer systems had been simply empty circumstances,” stated Inspector Tong Sin-tung of the Yau Tsim legal investigation unit on Wednesday.

Police urge warning

Tong urged residents to be cautious when participating unknown individuals for monetary transactions and to make use of reliable platforms. In a separate incident occurring in June 2021, a person was cheated out of HK$124M  by two males and a lady promising monumental returns for an funding in a cryptocurrency known as Filecoin. When the sufferer found that he couldn’t withdraw his funds following a crash within the worth of Filecoin and the so-called traders had been nowhere to be discovered, he alerted authorities.

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Cryptocurrency crimes, particularly these involving cash laundering, are nothing new in Hong Kong. Criminals convert the cash to cryptocurrency to allow quick cross-border transactions. Since an anti-fraud regulation enforcement division was arrange in July 2017, authorities estimate that native and worldwide scammers’ $3.72B value of ill-gotten good points handed by means of Hong Kong financial institution accounts and cryptocurrency wallets. Police had been capable of intervene in about 31 % of these transactions. On the similar time, HK$19.94B stays out of their attain within the fingers of worldwide criminals. “Deception victims are deceived to switch cryptocurrency to the e-wallets supplied by the culprits instantly,” stated the police. In response, the previous British colony requires all cryptocurrency buying and selling platforms to be registered with a neighborhood watchdog and adjust to anti-money laundering and counterterrorism financing guidelines.

Anti-money laundering in sharp focus since final yr

Cash-laundering checks have landed some firms in scorching water. Within the U.S., the Workplace for the Comptroller of the Forex withdrew its approval of Anchorage Digital Financial institution’s federal constitution as a cryptocurrency custodian and repair supplier to retail traders, citing insufficient anti-money laundering measures in April 2021. In August, a couple of months later, BitMex was slapped with a $100M effective by the Commodities and Futures Buying and selling Fee for its failure to hold out adequate anti-money laundering insurance policies.

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