[Hong Kong Police Dismantle Cross-Border Money Laundering Syndicate Suspected of Laundering HK$150 Million Through Cryptocurrency Exchanges] According to a report by Hong Kong's Ming Pao on November 12, Hong Kong police have dismantled a cross-border money laundering syndicate suspected of recruiting mainland residents to open sham bank accounts in Hong Kong and using over-the-counter (OTC) cryptocurrency exchanges to cover up money laundering activities. Police estimate that the syndicate laundered over HK$150 million in illicit funds between August and October this year alone. Police investigations revealed that the syndicate arranged for personnel to use multiple bank accounts to receive proceeds of crime, then withdrew cash through ATMs of different banks, and finally sent the funds to shops operated by the syndicate's ringleader, disguised as OTC cryptocurrency exchanges, to launder money through the buying and selling of cryptocurrencies. During the operation, police arrested 22 people, including 2 Hong Kong residents and 20 mainland residents, and seized over 1,600 bank cards, approximately HK$5.85 million in cash, and over 200 mobile phones.