Hong Kong to step up fight against money laundering through cryptocurrencies
Date: 2025-06-13 Author: Gabriel Deangelo Categories: BUSINESS
The Hong Kong Customs Service announced the start of creating software aimed at combating money laundering using cryptocurrencies. The project is being implemented jointly with the University of Hong Kong. According to the authorities, such crimes are becoming increasingly sophisticated and international.
Mario Wong Ho-yin, Assistant Commissioner for Intelligence and Investigation at the Customs and Excise Department, emphasized that the department intends to more actively interact with the scientific community, representatives of digital assets and the financial sector, as well as law enforcement agencies in the Asia-Pacific region. He noted that “the threats of money laundering know no borders, and international coordination is needed to effectively combat them.”
Since 2021, the department has recorded 39 cases of legalization of criminal proceeds, seven of which were directly related to digital assets. The volume of suspicious crypto transactions exceeded 9 billion Hong Kong dollars, which is about $1.14 billion. As a rule, such transactions are disguised as commercial activities.
In addition, according to Wong Ho-yin, the department is already using forensic technology developed by the university, which is used to detect copyright infringements on the Internet. This solution allows tracking the illegal transfer of protected content in the digital environment.
However, the details of the new AML tool are not disclosed, with the authorities citing the need to maintain confidentiality.
The cooperation between the university and customs also includes educational initiatives. It is planned to conduct specialized courses and training for local and foreign law enforcement officers to improve their skills in investigating financial crimes related to digital assets.
This week, Hong Kong Customs organized an international seminar with the participation of representatives from China, India, Iran, Thailand, New Zealand and Singapore. The event was dedicated to the exchange of experience in combating financial crimes.
Earlier, in April, the United Nations expressed concern about the growth of money laundering through illegal cryptomining, which underscores the global nature of the problem and the need for coordinated action.
