[Hong Kong Police Dismantle Cryptocurrency Money Laundering Syndicate, Arrest 22; HK$150 Million Involved in 3 Months] Odaily reports that Hong Kong police have dismantled a cross-border crime syndicate that used over-the-counter (OTC) cryptocurrency trading to launder money, arresting 22 people, including 21 men and 1 woman, aged between 21 and 54. Police investigations revealed that the syndicate had been active since August this year, recruiting mainland Chinese to open sham bank accounts in Hong Kong to withdraw cash proceeds from crime, and then transferring the funds to OTC cryptocurrency shops operated by the syndicate. They laundered the funds through buying and selling cryptocurrencies. Police estimate that the syndicate laundered over HK$150 million in the period from August to October this year alone. It is understood that the syndicate had a clear division of labor. First, mainland residents holding two-way permits were arranged to come to Hong Kong to open online banking accounts to receive proceeds of crime. Then, cash withdrawal personnel were recruited to use bank cards distributed by the syndicate to withdraw cash from ATMs at different locations and banks. These cash withdrawals were then collected by runners and transported to OTC shops to complete the money laundering process. (Ming Pao)