[Hong Kong Police Dismantle Cross-Border Money Laundering Syndicate: Over HK$150 Million Laundered in 3 Months, 22 Arrested] BlockBeats reports that on November 11, Hong Kong police dismantled a cross-border money laundering syndicate that had laundered over HK$150 million in proceeds of crime between August and October this year, and arrested 22 people. The New Territories North Regional Crime Unit launched a two-day operation codenamed "Thunder Net" on November 10, searching a hotel, a subdivided flat, and a shop disguised as an over-the-counter cryptocurrency trading platform. Police stated that the syndicate recruited mainland residents to open dummy accounts in Hong Kong, then arranged for personnel to withdraw cash from various ATMs using bank cards issued by the syndicate. The cash was then delivered to the aforementioned shop, where the mastermind laundered the money through methods such as buying and selling cryptocurrencies. The 22 people arrested in the operation included 21 men and 1 woman, aged between 21 and 54. Among them were two locals and 20 mainland Chinese holding two-way permits. Investigations revealed that two local key figures were responsible for controlling the money laundering hub, one mainland courier was responsible for recruiting people to withdraw money, distributing bank cards, and collecting and transporting cash, and another 19 mainland members acted as account smugglers, money withdrawers, and puppet account holders. Police seized over 1,600 bank debit cards, approximately HK$5.85 million in cash, and over 200 mobile phones. [Original Link]