[Hong Kong Police Dismantle Cross-Border Money Laundering Syndicate Involving HK$150 Million in Crypto OTC Transactions] According to a report by Ming Pao on November 11, Hong Kong police have dismantled a cross-border money laundering syndicate. The syndicate recruited mainland Chinese to open dummy accounts in Hong Kong, then used bank cards provided by the syndicate to withdraw cash from ATMs. The cash was subsequently sent to an over-the-counter (OTC) cryptocurrency exchange operated by the syndicate's mastermind, who laundered the money through cryptocurrency trading. On November 10, police conducted a two-day operation codenamed "Operation Thundernet," searching a guesthouse, a subdivided flat, and a shop disguised as an OTC cryptocurrency exchange. A total of 22 people were arrested (21 men and 1 woman, aged 21 to 54), including 2 local residents and 20 mainland Chinese holding two-way permits. Two local key members were responsible for controlling the money laundering hub, while a mainland courier was responsible for recruiting cash withdrawals, distributing bank cards, and collecting and transporting cash. The remaining 19 mainlanders acted as account smugglers, cash withdrawal agents, and puppet account holders. Police believe the syndicate has been active since August this year, laundering approximately HK$150 million between August and October. The operation seized over 1,600 bank debit cards, approximately HK$5.85 million in cash, and more than 200 mobile phones.