Customs says that in recent years, department has recorded seven suspected money laundering cases involving HK$9 billion where virtual assets were used
Customs officials are working with the University of Hong Kong to develop a tool that can trace cryptocurrency transactions, with the authority stressing it had recorded seven suspected money laundering cases involving virtual assets and more than HK$9 billion (US$1.1 billion) in recent years.
Mario Wong Ho-yin, assistant commissioner for intelligence and investigation at the Customs and Excise Department, said on Thursday it would ramp up collaborations with academics, finance and virtual asset industry players, and law enforcement across the region to combat cross-border money laundering.
“These money laundering threats are characterised by a transnational and borderless nature, and no single agency can tackle this problem alone,” he said.
Wong also warned that illegal transactions and trades that used virtual assets, such as cryptocurrency, were on the rise.
