Recently, the Hong Kong police launched a large-scale law enforcement operation and successfully cracked a cross-border money laundering criminal network between Hong Kong and the mainland, involving an amount of up to 118 million Hong Kong dollars. A total of 12 suspects were arrested in this operation, including several members from the mainland.
According to the Commercial Crime Bureau of Hong Kong, the criminal group has been operating since mid-2024, mainly by recruiting mainland personnel to open bank accounts and virtual bank accounts in Hong Kong, serving as "mule accounts" to receive fraudulent funds. The criminals then used methods such as withdrawing cash and transferring to virtual currency trading platforms to convert large amounts of illegal funds into cryptocurrencies, intending to evade regulation and law enforcement tracking.
On May 15, 2025, the police launched an anti-money laundering operation codenamed "Night Raid," conducting surveillance and raids in multiple locations on Hong Kong Island and Kowloon. During the operation, two suspects operating "mule accounts" were intercepted while they were withdrawing cash and exchanging for virtual currencies, and 770,000 Hong Kong dollars in cash were seized on the spot.
At the same time, the police conducted surprise searches at several suspicious locations, arresting another 10 suspects, including two local core members and seven mainland individuals holding "mule accounts." The operation seized a total of 1.05 million Hong Kong dollars in cash, over 560 withdrawal cards, a large number of bank documents, mobile phones, and virtual asset transaction records.
The police investigation revealed that the criminal network involved at least 550 local bank accounts, some of which were directly related to more than 58 fraud cases, with the amount involved exceeding 10 million Hong Kong dollars, and the cumulative loss to victims amounted to 43 million Hong Kong dollars.
The Hong Kong police have formally charged the arrested individuals with "conspiracy to launder money." The police emphasized that under Section 25 of the Organized and Serious Crimes Ordinance, any individual who knows or has reasonable grounds to believe that property is the proceeds of crime and still deals with it can be sentenced to up to 14 years in prison and a fine of 5 million Hong Kong dollars.
The police specifically remind the public not to rent or sell personal bank accounts for illegal activities. Since October 2023, more than a hundred people have been convicted by the courts for participating in account renting, with sentences generally increased, with the maximum penalty reaching 18 months in prison.
A spokesperson for the Hong Kong police reiterated that the police will continue to strengthen close cooperation with mainland law enforcement agencies, severely crack down on cross-border money laundering and fraud groups, effectively prevent the Hong Kong financial system from being exploited by criminals, and safeguard social security and economic order.
