The Hong Kong Customs and Excise Department work with the University of Hong Kong to generate a digital tool to monitor cryptocurrency transactions used in suspected money laundering schemes.
On June 12, Assistant Commissioner Mario Wong Ho-Yin said Customs officials would expand cooperation with academics, regional financial professionals, and law enforcement to prevent more complex and boundless financial crimes.
“The threats to the laundering of this currency are characterized by a nature and indefinite, and no one agency can solve this problem only,” Wong said in a media briefing, according to A Report By South China Morning Post.
Each report, the official refused to reveal further details about how the tool operated, citing confidential elements related to the department’s work.
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HK sees increasing crypto -related laundering cases
Between 2021 and May 2025, Hong Kong Customs recorded 39 main cases of money laundering, seven of which were involved cryptocurrencies. Most trade -based operations based on trade have identified prohibited funds as regular transactions.
A case involved in more than 1,000 weak -suspected transactions worth 1.8 billion dollars of Hong Kong (around $ 229 million), covering five companies and 18 local bank accounts. Three individuals were arrested, along with two accused of moving 760 million dollars of Hong Kong through a crypto platform.
The department and university also hosted a three-day workshop this week, combined with law and consulate enforcement staff from eight jurisdictions, including China, India, Iran, New Zealand, Thailand and Singapore, to strengthen cross-border cooperation in the fight against digital crimes.
Related: Ant International Eyese Stablecoin License by Jack Ma in Singapore, Hong Kong
Crypto Exec charges for laundering $ 530 million
Iurii Gugnin, founder of the Crypto Payment Payment Pay Laundering over $ 530 million to the US from the punished banks of Russia.
According to the US Department of Justice (DOJ), Gugnin used Stablecoin transactions to help Russian clients tied to BLACKLIST institutions, including Sberbank and VTB, accessing restrained American technologies.
The DOJ claims that the scheme has run from June 2023 to January 2025, with Gugnin accused of wire fraud, money laundering, and running an unlicensed business that sends money. When convicted, he faces the possibility of life imprisonment.
Magazine: Older investors are at risk for a crypto -funded retirement
