In a thrilling turn of events, Hong Kong Customs has decided to join forces with the University of Hong Kong to develop a snazzy new tool aimed at tracking cryptocurrency transactions. Because, apparently, money laundering via virtual assets is becoming a hobby of choice for many these days.
Now, before you start thinking that this is just another bureaucratic initiative, consider this: authorities have uncovered seven cases of suspected crypto-related money laundering, amounting to over HK$9 billion (US$1.1 billion). That’s not pocket change, my friend, according to the South China Morning Post.
Mario Wong Ho-yin, Assistant Commissioner for Intelligence and Investigation at the Customs and Excise Department, told us on Thursday that this tool is merely a part of their grand strategy to collaborate with academia, the financial world, and international law enforcement. The plot thickens…
From 2021 to May 2025, 39 money laundering cases were reported in Hong Kong, with seven involving the latest trend in financial mischief: virtual assets. One particularly juicy 2024 case led to the arrest of three suspects linked to over 1,000 suspicious transactions, worth a cool HK$1.8 billion. Oh, and HK$760 million? Yeah, that was processed through a crypto platform. Smooth, right?
While the specifics of this new tool are locked away in some dark vault (seriously, it’s top secret), Wong has assured us that it’s based on forensic technology already in use to monitor online copyright violations. So, they’ve got some experience—hopefully, they’re not just making it up as they go along. 😏
Crypto Money Laundering: Still a Hot Mess
In case you thought crypto-related money laundering was a thing of the past, think again. Luxembourg’s 2025 National Risk Assessment just sounded the alarm, warning that exchanges are still a “high” risk despite a drop in trading volumes. Large client bases, anonymous activity, and global operations? Oh, they’re just asking for trouble.
Meanwhile, in Germany, authorities took down eXch and grabbed $38.2 million in crypto, claiming it was laundering funds from major hacks, including one targeting Bybit. It’s almost like they’re just waiting for someone to mess up and make their job easier.
And in Australia, AUSTRAC has raised a red flag about crypto ATMs, warning operators that legal action is coming if they don’t play by the anti-money laundering rules. With over 1,600 crypto ATMs now scattered across the country, many accepting cash, it’s no wonder criminals are flocking to them like moths to a flame.
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2025-06-12 18:29