Hong Kong Customs and Excise Department is collaborating with the University of Hong Kong to create a digital tool aimed at tracking cryptocurrency transactions linked to money laundering. Assistant Commissioner Mario Wong Ho-yin highlighted the need for enhanced cooperation among academic and financial sectors to address increasingly sophisticated financial crimes. Since 2021, Hong Kong has recorded 39 significant money laundering cases, with seven involving cryptocurrencies. One notable incident included over 1,000 suspicious transactions totaling 1.8 billion Hong Kong dollars (around $229 million). The new tool aims to improve detection of transnational money laundering activities, which pose challenges due to their complex nature. In addition to the development of this tool, a recent workshop gathered law enforcement personnel from eight jurisdictions to foster cross-border collaboration against digital financial crimes. This initiative underscores the growing focus on regulatory measures within the cryptocurrency sector as it becomes increasingly integrated into global financial systems.

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