According to Ming Pao, Hong Kong police announced the dismantling of a cross-border money laundering syndicate, arresting 22 people suspected of laundering over HK$150 million between August and October this year. Police stated that the syndicate recruited mainland residents to open dummy accounts in Hong Kong to receive proceeds of crime, and arranged for personnel to withdraw cash from ATMs of various banks, then deliver the cash to shops disguised as over-the-counter (OTC) cryptocurrency exchanges, laundering money through the buying and selling of cryptocurrencies. During the operation, police seized over 1,600 bank debit cards, approximately HK$5.85 million in cash, and over 200 mobile phones. https://wublock123.com/news/hong-kong-police-bust-cross-border-money-laundering-crypto-150m-hkd-71757