[Hong Kong Police Uncover $17.3 Million HKD Money Laundering Case Using Puppet Accounts and Virtual Currency Exchange Shops, Two Offenders Receive Extended Prison Sentences] According to Deep Tide TechFlow on March 5, citing Hong Kong media outlet HK01, Hong Kong police have uncovered a money laundering case involving the use of puppet accounts and virtual currency exchange shops. It is reported that a man and a woman from mainland China came to Hong Kong to set up puppet accounts, using 43 local bank accounts to receive funds from 34 different fraud cases. They then purchased cryptocurrency at virtual asset exchange shops, laundering approximately $17.3 million HKD in criminal proceeds. An analysis of the fund flow revealed that the criminal syndicate conducted cryptocurrency transactions through local bank accounts, laundering as much as $230 million HKD. Hong Kong police charged the two individuals with 3 and 10 counts of money laundering, respectively. After reviewing the case, the court approved extended sentences, sentencing the two to 28 months and 43 months in prison, respectively.