Wu said that according to the Hong Kong Business Daily website, the Hong Kong police have dismantled a cross-border money laundering criminal group active in mainland China and Hong Kong, arresting 12 people and involving a total amount of HKD 118 million. The group recruits mainland Chinese to set up puppet bank accounts in Hong Kong, receive the proceeds of fraud cases, and then withdraw funds and exchange them for cryptocurrency through virtual asset exchange shops to launder money. During the police operation, HKD 1.05 million in cash and HKD 560 were seized